XRP Plunging Amid Ripple CEO’s Assurance: Is The Bull Run Over?

XRP fell sharply yesterday, retesting $0.55. What’s clear now is a double-bar bearish formation in the daily chart, signaling weakness. Even though the uptrend remains, it remains to be seen whether today will see XRP plunge some more. Buyers must flow back, taking advantage of lower prices to double down in anticipation of more gains. For now, the immediate resistance is this week’s highs and later $0.66.

The drop of July 18 means XRP is down 6% in 24 hours. However, considering the explosion of the past few days, the coin is up 21%. Interestingly, the average trading volume remains elevated at over $2.4 billion despite the retracement. As long as this remains, traders might consider trading with the primary trend set in motion after the July 15 bar.

Traders are keeping tabs on the following XRP and Ripple news:

• Brad Garlinghouse, the CEO of Ripple, expects the multi-year court case filed by the United States SEC in late December to “end soon.”  Traders have been banking on XRP to rip higher once the case is settled. For now, it remains tentative.
• Despite the cool-off, XRP overtook Bitcoin in South Korea. Even with the drop of July 18, there were 2X more traders of XRP than Bitcoin.

XRP Price Analysis

XRP/USD is still bullish.

The uptrend remains, and the retest of $0.55 on July 18 might offer traders an opportunity.

Notice that the bear bar, though engulfing, has lighter trading volume than the July 17 and 16 bars.

If there is a push lower, there would be serious questions about the uptrend.

However, if buyers prop up prices today, aggressive traders could load up, targeting $0.66 and $0.74.

Any wide-ranging bar below $0.55 would see XRP drop back towards $0.50.