XRP Rejects Bears: Time to Fade The Trend and Buy Ripple Targeting $0.55?
XRP is up 10% in the past day, rejecting the wave of selling pressure on August 5. At this pace, Ripple might find strength
XRP is down but not out. Unlike Bitcoin and Ethereum whose bears saw all gains of July reversed, Ripple bulls are more firm and resilient. Despite the general weakness across the board, yesterday’s re-invigoration has been impressive. As things stand, XRP fell to around $0.43 before bouncing higher, finding support at the 78.6% Fibonacci retracement level of the July 2024 range. This development is a mark of strength and could revive demand in the coming sessions.
From the daily chart, XRP is down 22% from July highs, but the rejection of August 5 losses is a massive endorsement of bulls. So far, the coin is up 10% in the past day of trading though volume is up nearly 2X from yesterday, rising to over $2.8 billion.
As August 5 losses turn out to be possible climactic development, XRP and Ripple traders are closely monitoring the following trending crypto news:
- Ripple, the blockchain company backing the development of XRP-centric solutions, is being criticized. In a recent podcast, they were accused of editing a part where Monica Long, the president, claimed they were struggling to find developer momentum on the XRP Ledger.
- While there is excitement about the upcoming Ripple stablecoin, the RLUSD, some say there could be regulatory challenges ahead. Its launch, however, will draw the attention of the stringent regulator, the United States SEC. If the stablecoin launches, some argue it would mark the end of the ongoing case against Ripple.
XRP Price Analysis
The impressive bounce from the 78.5% Fibonacci retracement level of the July 2024 range is welcomed.
XRP bulls might load the dip despite the fall, targeting $0.55 in the short term.
Of importance, the August 5 bearish bar has a long lower wick. This points to a firm rejection of selling pressure—a massive boost for momentum.
Any closer below $0.38 and July 2024 lows will invalidate this bullish outlook.
On the other hand, if XRP/USD soars above $0.55, prices could easily rip higher, flowing to $0.66.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save