XRP Ticks Higher, Time To Buy Before Ripple Bulls Break $0.66?

Dalmas Ngetich•Tuesday, August 20, 2024•2 min read

XRP is relatively firm at press time, per the formation in the daily chart. Even though cracks are visible in Bitcoin and top altcoins, the coin remains in a clear uptrend. Following the gains of August 19, traders can search for entries to load, targeting the immediate resistance levels. For now, the local liquidation line is at around $0.66. Conversely, sellers can find support at $0.55. Until a decisive close confirms the gains of August 7 and 8, conservative, risk-averse traders can stay on the sidelines.

The evolution of price action in the daily chart favors bulls. Thanks to the uptick yesterday, XRP is in green in the past week while trading volume has nearly 2X to nearly $1.7 billion. As buyers flow back, retesting the local resistance levels, engagement will increase, a boost for liquidity, priming bulls as a result.

XRP Daily Chart for August 20

Traders are looking at the following trending XRP and Ripple news:

XRP is on the line of fire. Despite its multi-billion valuation, some don’t believe in the value proposition of the coin. One even thinks the coin is a scam mainly because of the inactivity after the United States SEC-Ripple case settled.
Traders are now linking the inactivity in XRP to the general mood of the market. Unless Bitcoin breaks higher, the sideways consolidation of top altcoins will continue—and XRP won’t be an exception.

XRP Price Analysis

XRP/USD is higher at press time.

From the daily chart, the coin broke higher yesterday, finding support from the 20-day moving average.

Technically, the uptrend remains.

For this reason, aggressive traders can load the dips, targeting $0.66.

On the other hand, risk-on traders can wait for a clean break above $0.66 in a buy trend continuation formation, especially if the bar has a high volume.

Any dip forcing XRP below $0.55 will slow down the uptrend. Further dips unwinding the August 7 bar will cancel this bullish outlook.

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