XRP Bottoming Up As Momentum Builds: Ripple Preparing For $5?

XRP is bottoming up, looking at the performance in the daily chart. Gains are not as spectacular as expected, but there is progress, which is massive for the coin. However, even as XRP prints encouraging higher highs, the coin is now back into the multi-week consolidation after the flash crash in mid-April 2024. Unless there are sharp and unexpected gains above $0.55 or below $0.46, conservative traders can stay on the sidelines waiting for a proper trend definition.

When writing, the path of least resistance is southwards, and XRP is down 30% from 2024 highs. Even so, gains have been decent in the last day and week. Meanwhile, the average trading volume is picking up, rising to over $780 million. Still, it is below the $1 billion mark, an important level to watch out for.

XRP Daily Chart for July 2

The following XRP and Ripple trending news are worth watching:

  • The decision taken by the presiding judge, while dismissing the United States SEC lawsuit against Binance, cited the ruling made in July 2023. Then, the judge said the secondary sale of XRP can’t be considered as trading unregistered securities.
  • One analyst is upbeat, saying the coin, though stuck in a consolidation, will break out strongly. Once it does, he adds, it can surge above all-time highs to over $5.

XRP Price Analysis

At spot rates, the path of least resistance is southwards, following losses in April.

Though there are hints of higher highs, sellers are still in control, and XRP/USD bulls are weak.

In the short term, aggressive traders can short on attempts higher below $0.55, targeting $0.46.

However, conservative traders can wait for a clean close above or below the symmetrical triangle. If buyers take over, XRP may fly to $0.74 and $1.

Even so, the pace of this expansion largely depends on the outcome of the ongoing court case.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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