XRP Drops: United States SEC Losing Streak, Will This Pump Ripple To $1?
XRP is one of the top performers despite recent losses. After days of consolidation after the flash crash in April, prices rebounded sharply in July. If buyers sustain this momentum, there could be more room for growth in the short to medium term. So far, Ripple has impressively sustained $0.55 as the primary support. If fundamentals favor the coin, XRP would easily fly to fresh highs in a buy-trend continuation formation.
As XRP cools off, the uptrend remains from a top-down preview. Over the last day, the coin has been down 6% but stable over the last week. If the uptrend continues today, trading volume will swell further, possibly increasing from the $2 billion seen yesterday.
XRP and Ripple traders are watching the following news events:
- The printout that saw XRP crack $0.62 also meant the coin broke above a multi-year resistance trend line. This is crucial. Analysts now think not only will it break $1 but also roar to as high as $150 in a welcomed buy trend continuation pattern.
- The United States SEC is on a losing streak, drawing even more criticism from the Ripple CEO, Brad Garlinghouse. After the regulator’s request to withdraw their classification of ADA and SOL, among other coins, as securities, the CEO said it goes on to show the hypocrisy of the agency.
XRP Price Analysis
XRP/USD is firm despite the recent dip.
As XRP cements its position at sixth, aggressive traders can also look to load up the dips.
The immediate support stands at $0.55 on the lower end.
Currently, traders can consider buying as long as prices trend inside the July 30 and 31 bars.
Their short-term targets would be $0.66 and $0.74. If there is a deluge of demand, XRP can easily reach $1.
Any drop below $0.55 cancels this preview.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals