XRP Holds Above $0.55: Ripple Bulls Upbeat, Donald Trump Will Fire SEC Chair Gary Gensler
XRP might be in an uptrend, but in the past few trading sessions, the coin has been moving horizontally. Buyers are in control as prices teeter around the $0.60 level, waiting for more gains. Before then, the current sideways movement must be proven to be accumulation. Afterward, XRP would have the momentum to breach $0.62, paving the way for more price gains toward $0.66 or even $0.74. Even so, any uptick would most likely be fundamentally driven.
At press time, XRP is flat and down to seventh in the market cap leaderboard. Following gains from July 12 to 17, thrusting the coin above $0.55, the trend shifted in favor of bulls. So far, the coin is down 1% in the past day but up 3% in the previous week. Amid this, the average trading volume is lower, shrinking to just $1.1 billion in the past day.
The following Ripple and XRP news are worth watching:
- Donald Trump, the former United States and current presidential candidate, plans to fire Gary Gensler, the chair of the SEC, should he take over from Joe Biden. In a speech over the weekend, Trump also said he plans to make the country a leader in crypto.
- Traders expect XRP to spring higher, breaking above key resistance levels in the coming months. For now, the absence of demand is keeping the coin moving horizontally. Nonetheless, buyers are in control unless prices drop.
XRP Price Analysis
XRP/USD is moving sideways, looking at the formation in the daily chart.
Buyers are upbeat.
Considering the bullish outlook, aggressive traders might consider buying on dips.
This preview holds as long as prices are above $0.55.
Any dip below this zone might cancel the bullish outlook.
Meanwhile, conservative Ripple traders can wait for a decisive close above $0.62.
If the bar has rising volume, XRP might rally to $0.66 in a buy trend continuation formation.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals