XRP At A Difficult Position: If $0.55 Falls, Ripple Might Slip By Over 20%

Dalmas Ngetich•Friday, August 30, 2024•2 min read

XRP edged lower yesterday, looking at the performance in the daily chart. There were cracks even before August 28. Therefore, the inability of prices to tick higher is a concern. As things stand, prices might breach the all-important $0.55, questioning the strength of the uptrend. In the coming days, traders can stay on the sidelines should there be a conclusive dip below this reaction level. What’s needed for Ripple bulls to truly take charge is an unexpected expansion above July highs. This will confirm gains of August 7 and 8, setting in motion another leg up towards 2024 highs.

The turn of events in the daily chart means the coin is under immense selling pressure, and cracks are widening. To put in the numbers, XRP is down 2% on the last day, pushing losses in the past week to over 6%. Interestingly, XRP is falling is at the back of dropping engagement. On the last day, the average trading volume is at $1 billion.

XRP Daily Chart for August 30

Traders are closely monitoring the following trending XRP and Ripple news:

As XRP waves, moving from $0.55 to $0.66, traders have taken an opportunity to cash out from this consolidation. Trackers show that traders have taken over $8.3 million in profit. As they take profit, prices could slip lower, impacting sentiment.
There is a possibility that the United States SEC will appeal in their case versus Ripple. Even so, one pro-XRP lawyer thinks the odds are low, which is a net positive for bulls.