XRP Rejects Sellers Amid Rapid Whale Accumulation: Is Ripple Angling For $1?

XRP is volatile at press time, per the formation in the daily chart. Even though prices cooled off at the tail end of last week, the expansion over the weekend is massive for buyers. Of note, prices bounced off from the $0.55 support level, cementing the importance of this reaction line. For now, traders can look at every attempt lower as an opportunity to buy. The rally, confirming last week’s breakout, would be accelerated by fundamental factors.

Traders are upbeat, and there could be more room for growth, looking at current events. Before then, XRP is largely stable, adding 2% in the past day, and a massive 13% in the previous week. Even with the upswing, the average trading volume is down to $1.5 billion, down from the over $3.3 billion registered when XRP rose above $0.55.

The following trending XRP and Ripple news are worth watching out for:

• In the past two months, whales have been accumulating. Over 250 million of the coins have been bought. At this pace, if $0.74 or March highs are broken, it could trigger a massive rally, taking the coin closer to $1.
• A combination of regulatory developments and fundamental factors, mostly expectations of the ongoing Ripple versus SEC case being settled, are primers for buyers. Undoubtedly, regulatory clarity on the status of XRP could see the coin soar, even reclaiming its position in the top five.

XRP Price Analysis

XRP/USD is in an uptrend.

Since prices are inside the July 16 and 17 bull bars, every low could offer entries for buyers. Their immediate target is $0.74 from an effort versus result perspective.

Note that the July 18 bear bar had lighter trading volume.

This preview will remain as long as prices are trending above $0.55.

A breakout above $0.74 could open the door for a retest of $0.93 and $1.

Any unexpected dip below $0.55 will slow down buyers, with a confirming bar canceling the bullish preview.