XRP Shaky: Is The Rally To $0.74 After Ripple-SEC Case Settlement Unstoppable?
XRP is shaky at press time but bullish, looking at the formation in the daily chart. Ripple bulls must keep prices above $0.60
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 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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