XRP Bounces 8% And Is Bullish: Will Ripple Break $0.66?

XRP is flat when writing but still struggling to shake off the weakness of the past two trading days. Scanning events in the daily chart shows that buyers are in control. How prices will print out in the next few trading days depends on if bulls close above the local resistance levels. If buyers take on, closing above $0.60, the probability of XRP soaring to July highs in a buy trend continuation will be highly likely. What’s needed, at least looking at events in the daily chart, is for buyers to hold steady above $0.55.

Ripple bulls might be in control, but sellers are rejecting every attempt higher. From coin trackers, XRP remains at seventh. It is up 3% in the past 24 hours, extending gains to 8% in the previous trading week. Meanwhile, the average trading volume is above $1 billion.

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

• The United States SEC has acknowledged its mistakes, especially regarding regulating crypto assets. While stating that it wanted to protect investors, the agency said their actions created uncertainty.
• Bitstamp, one of the top exchanges, plans to launch a derivatives exchange on top of the XRP Ledger. The trading platform will go live within the next few months, a huge boost for Ripple and its burgeoning ecosystem.

XRP Price Analysis

XRP/USD is down when writing.

Notably, there is a double bar bear formation in the daily chart.

The leg down of September 14 is, all the same, with lighter trading volume.

Buyers have the upper hand, which holds as long as XRP prices remain above $0.55.

Aggressive traders might look to load the dips above $0.55.

On the other hand, there are clearer opportunities above $0.60—or last week’s highs.

A decisive close could easily see XRP float to $0.74 in a buy trend continuation formation.