XRP Showing Weakness, Dumps 80% Versus Bitcoin: Will Ripple Hold $0.50?

XRP ticked lower on October 30, and there has been follow-through in the Asian session. Technically, sellers are in a commanding position and likely to stretch gains in future sessions. This outlook will rapidly shift if momentum drives prices above $0.53 and $0.55. From the daily chart, this zone is the upper limit of the range and needs to be decisively broken for the uptrend of Q3 2024 to continue. If not, and reiterated before, the downtrend set in motion by losses of early October could spill over in November and the last month of the year.

Overall, XRP is in a bad spot, and price action could worsen if prices range between $0.50 and $0.55. On the last day, prices slid 1% amid dropping engagement. The average trading volume is down to around $855 million, lower than the $1 billion average of the past two days. As prices deteriorate, traders will likely stay on the sidelines, waiting for trend definition.

Traders are actively watching out for the following trending XRP and Ripple news:

• As XRP prices weave horizontally, the seventh most valuable coin is being hammered by BTC. The seventh most valuable coin is down by over 80% versus Bitcoin.
• In the ongoing court case, Ripple is contesting the prior court ruling on Howey Test. The regulator is appealing, but the blockchain company’s lawyers maintain that XRP is a commodity, similar to BTC.

XRP Price Analysis

XRP/USD is down when writing.

Cracks are printing out, but the key levels to watch out for are $0.50 and $0.55.

Conservative, risk-off traders can stay on the sidelines. A favorable breakout above $0.55 could trigger their participation, targeting September highs.

However, any drop will only extend the correction from Q3 2024 highs.

In that case, if the uptrend remains, bulls will be loading the coin at a decent discount.

Presently, XRP is down nearly 22% from September highs.