XRP Back In Range, Ripple Analyst Calls For Patience: Will $0.50 Hold?
XRP is underperforming, looking at price action in the daily chart. The coin slid in the second half of the week, triggering a discouraging series of lower lows. How Ripple prints out will largely depend on fundamental factors, especially the ongoing United States SEC-Ripple court case. Ripple filed a cross-appeal, but the case needs to be settled for XRP to find traction.
For now, the coin is flat over the past day and week with pockets of weakness making traders cautious. In this state of uncertainty, traders are adopting a wait-and-see approach, explaining the drop in trading volume below $1 billion. As usual, any uptick lifting the coin above $0.55 will draw attention and volume; bulls require all this to build a strong foundation.
The following XRP and Ripple news are worth watching:
- Traders are calling for patience as XRP moves in a consolidation. Although the final direction will shape the short-term trajectory, the uptrend of Q3 2024 is valid. In that case, even amid the general weakness, bulls have the upper hand.
- John Deaton, a pro-Ripple lawyer, is vying for a political seat in the United States. In a recent debate, he defended why he chose to sue the United States SEC.
XRP Price Analysis
XRP/USD is still in an uptrend, at least from a top-down preview.
It is crucial to monitor support at $0.50. On the other hand, resistance is at $0.55.
Although bulls are confident, sellers of October 1 and 2 are shaping the short-term trend.
Therefore, aggressive sellers can choose to short on every attempt below $0.55, targeting $0.50 and $0.45.
This outlook will change once Ripple and XRP bulls push and close above $0.55 at the back of rising trading volume.
In that case, the coin will likely float above $0.66 and September highs in a buy trend continuation formation.
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