XRP Accumulates Below $0.66: Hungry But Smart Bulls Snap $20 Million Sent To Binance
XRP is back to the boring ranges seen in the recent past. The sideways consolidation is slowing down the upside momentum. At the same time, it highlights the significance of $0.66 as a roadblock. Therefore, if bulls succeed and there is a conclusive close above this zone, XRP may rip higher, stretching July gains. As things stand, and without any major fundamental development in recent days, there must be convincing high-volume gains for traders to commit.
Looking at coin trackers, XRP is flat in the past day but up nearly 6% in the last week. However, what’s evident is that engagement is low, standing at just $1.1 billion. In the coming days, traders should watch out for sharp trading volume before considering longs or shorts. Any uptick above $0.66 will be critical in cementing the presence of buyers. On the lower end, any loss below immediate support levels will trigger a sell-off.
The following XRP and Ripple news are trending:
- One XRP Ledger developer is accusing RippleX and Ripple of failing to make payments. The developer claims that the two firms fail to remit pay even after he participated in the XRPL ambassadorship program.
- In a bullish development, a large XRP deposit on Binance, worth $20 million, failed to unwind recent gains. It means the market readily absorbed the supply. This development means that the current sideways consolidation is a possible accumulation.
XRP Price Analysis
XRP/USD is stable, moving inside the bull bar of August 19.
The development means the coin is inside a small bull flag.
Technically, as long as prices remain above $0.55, aggressive traders can consider buying the dips.
Any sharp dump reversing August 7 and 19 bars cancels out this outlook. In that case, the coin might retest $0.50.
However, as mentioned earlier, there might be more opportunities if XRP breaches $0.66 and July highs.
In that event, traders can choose to get exposure, expecting the buy trend continuation of July 2024.
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