XRP Flat Despite Settlement with SEC: Time to Buy the Dip?

XRP is flat at press time. Though bulls might be in the lead, prices are moving sideways and choppy. Technically, aggressive, risk-on traders can buy the dips, expecting prices to break July 2024 highs. Some, however, are closely monitoring price action amid this lull. Overall, the uptrend remains as long as XRP stays above the local support at $0.55.  Meanwhile, it could be a turn for the worst should there be a downturn, forcing prices below this crucial buying zone.

The sideways, uneventful price action means XRP is moving within a tight range. Of note is that the coin is flat on the last day and week. Meanwhile, trading volume remains within this week’s mean at around $1.1 billion. Conservative traders can stay on the sidelines for now unless there is a breakout in either direction, leading to price volatility.

Amid this state of affairs, traders can watch the following trending Ripple and XRP news:

• Brad Garlinghouse, the CEO of Ripple, has revealed that some of the creators of the XRP Ledger are early software engineers who worked on Bitcoin. The ledger now supports smart contracts, and developers are working on dApps.
• As part of the settlement with the United States SEC, the blockchain firm will pay the $125 million penalty in roughly three weeks. The deal is a huge relief for XRP and goes a long way in offering regulatory clarity.

XRP Price Analysis

XRP/USD is steady at press time.

From the daily chart, the local support is at $0.55, while resistance is a$0.66.

Aggressive traders can, considering the current state of price action, consider loading the dips above $0.55. The immediate resistance will be $0.66.

Even so, there might be clearer entries above $0.66, especially if the breakout is with surging trading volume.

On the other hand, losses below the current bull flag, reversing August 19 gains, could fast-track the dump toward August lows.