XRP Rising: History Favors Ripple Bulls, Do They Have What It Takes To Break $0.46?
XRP is stable, within this week’s range, and trading below $0.46. While the coin is in green, printing a series of higher highs, it is now what buyers want to see. If anything, sellers remain in control, at least looking from a top-down review. The inability of Ripple bulls to push higher, breaking $0.46 and $0.50, is a problem. Until this happens, every high might offer an opportunity for aggressive sellers to consider shorts targeting Q3 2024 lows.
Amid this consolidation, XRP is up 3% in the past day and 13% in the last week. Of note, all losses of July 5 have been revised. However, for bulls to take over and reverse July 4 losses means reclaiming $0.46. Considering the favorable risk reward, a retest of this level might be an opportunity to short at a premium level. Still, depending on the pace of the leg up and if the expansion is high volume, XRP could continue rallying, pushing toward $0.50.
As prices move horizontally, traders are closely watching the following XRP and Ripple news:
- XRP is moving sideways, and the result is precisely what traders expected: A volatility squeeze. Looking at the Bollinger Band (BB) in the monthly chart, there is a clear squeeze, which is exactly what was seen in the past. If buyers are successful, XRP will rally even higher, breaking all-time highs.
- Brad Garlinghouse, the Ripple CEO, maintains that the United States SEC and Gary Gensler are unlawfully cracking down on crypto. The executive has previously said that their resistance to new technology disadvantages the country.
XRP Price Analysis
XRP/USD is moving sideways, looking at events in the daily chart.
Though buyers are confident, sellers are in control.
This position holds as long as XRP is trading below $0.46.
Since prices crashed last week, sellers might choose to offload as long as the coin is trending inside the July 4 and 5 range.
The immediate support and target would be $0.40.
On the flipside, a sharp breakout above $0.46, rewinding losses of July 4, invalidates this preview. In that event, Ripple might find the momentum to float toward the upper range of the previous consolidation at $0.55.
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