XRP Shaky: Is The Rally To $0.74 After Ripple-SEC Case Settlement Unstoppable?

Dalmas Ngetich•Thursday, July 25, 2024•1 min read

XRP is firm down at press time but remains confined in a bullish formation. From the look of things, every attempt lower could offer entries for aggressive traders to load up, expecting a sharp breakout above $0.66. The bullish bar seen yesterday forced valuation higher, temporarily lifting XRP above USDC yesterday. However, bulls need sustained gains above $0.66, mirroring gains seen for the better part of last week. In that event, XRP could soar to fresh multi-week highs, confirming the breakout of July 15.

As XRP prices rip higher, the coin is up 1% in 24 hours but up 5% in the past week. At the same time, the average trading volume is up, rising to over $2.2 billion. Even though lower than the mean of last week, there is activity and prices are edging higher; a net positive for bulls.

XRP Daily Chart for July 25

XRP and Ripple traders are closely monitoring the following news events:

From the candlestick charts, XRP has faced strong rejections at $0.65. This line must be decisively broken for buyers to confirm their control. In that event, the breakout bar must be with rising volume and the candlestick wide ranging.
Among other factors that might propel XRP to fresh high is the expected spike in on-demand liquidity adoption in the United States once the Ripple-SEC case is settled. The absence of regulatory clarity presents major challenges for interested payment processors.

XRP Price Analysis

At spot rates, XRP/USD is in a bullish formation.

As mentioned earlier, traders can consider loading opportunities.

For risk-off traders, every attempt lower might be seen as a buying opportunity with targets at $0.66 and $0.74.

On the other side of the equation, risk-on, conservative traders can wait for a clean break above last week’s highs and $0.66 before considering longs. Their targets would be $0.93 and $1.

Any unexpected drop forcing XRP below $0.55 cancels this bullish outlook.

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