XRP Extremely Shaky At $0.55: Ripple Has “No Interest” In US IPO

XRP is wavy inside a narrow, horizontal range, which is clear in the daily chart. Even though the uptrend remains and is anchored by the August 7 bull bar, sellers might take charge in the short term. For now, the coin is trending above $0.55. However, if there are losses below this level of support, meaning the coin breaks out of this range, the next stop would be August 7 lows.  If XRP’s fortune is to change, then prices must break decisively from the current range, racing to over $0.70.

At press time, the path of least resistance is northwards; at least clear from a top-down preview. In the past day, XRP is down 2% while extending losses by 3% on the last week. The average trading volume remains constant at around $1.1 billion, meaning interest is lower than expected.

Traders are keeping tabs on the following XRP and Ripple news:

• Plans for launching the RLUSD stablecoin are at an advanced stage. According to Brad Garlinghouse, the CEO of Ripple, the stablecoin will be issued within “weeks,” not months.
• Ripple, the blockchain company, won’t be listed in the United States. The CEO, Brad Garlinghouse, recently revealed that they have no interest in issuing the IPO in the country. This is primarily due to the strict regulator.

XRP Price Analysis

XRP/USD is consolidating, looking at the development in the daily chart.

Even though the uptrend remains, there are concerning cracks.

For instance, XRP bulls have been unable to crack $0.66, confirming gains of August 7.

Instead, the coin’s valuation is at around the lower limit of the range at $0.55.

If there is a high volume breakout below this range, XRP would likely reverse all gains of August 7.

However, things will turn for the better if the coin breaks upward from the current range, trading above $0.65.

In that case, the coin might fly to $0.74 and $1.