XRP Absorbs Selling Pressure As Ripple Lawyers Submit New Evidence
XRP is trading inside a very narrow range and is bearish, trapped inside the bearish breakout bar of end of last week. Overall, sellers have the upper hand, trading inside a bear formation. For now, the general sentiment is bullish, favoring buyers of Q3 2024. However, any alignment with the wide-ranging bear bar of October 25 could fast-track the dump below $0.50, forcing the seventh most valuable coin to fresh October 2024 lows. The uptrend of Q3 2024 remains, and bulls will have better opportunities above $0.55 and $0.66.
The path of least resistance is southwards. This outlook will only be invalidated if there is a bounce from around spot rates, completely rewinding losses of late last week. Before then, XRP is stable in the past day but down over 4% in the previous trading week. The average trading volume is rising but still below the $1 billion mark.
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Traders are closely monitoring the following XRP and Ripple news:
- In the ongoing court case, Ripple has provided new evidence that could strengthen its defense on what precisely constitutes a security or a commodity. If their lawyers succeed, XRP will be the biggest beneficiary, printing out massive candles, as seen in July 2023 and early August 2024.
- XRP, the CTO of Ripple, maintains that despite the launch of RLUSD on the XRP Ledger, the coin is needed to secure the blockchain against spam attacks.
XRP Price Analysis
XRP/USD is attempting to reverse last week’s losses, which are visible in the daily chart.
The only time there was movement is on October 24 when prices fell below $0.50.
Afterward, the coin snapped back to range. The local resistance is $0.53, while support lies at $0.48.
Since the short-term trend is defined by the losses of early October, every high below $0.55 and $0.53 could present entries for aggressive sellers.
Their target would be $0.48 and $0.45.
However, any breakout, with the same volatility of October 24, forcing prices above $0.53, XRP can easily float to $0.55 and $0.66 in the coming sessions.
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