XRP Rejects Bears, Defends $0.55, Over $744 Million Traded On Binance Spot Market

XRP is firm and steady, like most top altcoins. Although it remains perched at seventh in the market cap leaderboard, the short-term trend favors sellers more. The downtrend of the last week of August was deflating for optimistic traders. Nonetheless, as long as prices are above $0.55, buyers stand a chance. What’s needed is a conclusive close above the triple top, ideally with a rapidly expanding volume. When this happens, it will signal the continuation of the buying trend, a continuation traced to July 2024.

Traders are confident, but this hasn’t translated into massive gains on the chart. For now, XRP is consolidating again. It is in green on the last day but down 4% in the previous week. Moreover, the average trading volume is below $1 billion, meaning engagement is generally low. A strong expansion in price would require rapidly rising trading volume, pointing to trader involvement.

The following XRP and Ripple trending news could shape price action:

• One trader remains bullish on XRP. From his analysis of X, the coin’s medium to long-term trajectory would be shaped in the next six months. However, for this trend to take shape, bulls must reject any attempt to push prices below $0.54 in the short term.
• According to Coinglass, over $744 million worth of XRP has been traded on Binance, the world’s largest exchange, in the past week of trading. While Bybit is a choice perpetual exchange for leveraged traders, it comes at second, enabling the trading of $405 million worth of XRP.

XRP Price Analysis

XRP/USD bulls are confident.

The local support is at around $0.55, a level buyers have managed to defend.

Even though the uptrend of July remains, prices are consolidating.

It could be a chance for accumulation should XRP prices expand above $0.60.

If there is confirmation of yesterday’s gains, aggressive traders can buy on dips above $0.55, targeting $0.66.

Gains above $0.66 would fuel the FOMO-rally to $1—or better.

Conversely, there will be panic selling if there is a sharp drop below $0.55, mirroring losses of September 1.

In that case, XRP could plunge to $0.45—or worse.