XRP Trading Activity Spikes In The US: Ripple Bulls Eyeing $0.55

XRP edged higher yesterday, containing losses and reviving hope among traders. Technically, the uptrend remains as long as prices are inside the July 2024 trade range. The immediate resistance in the days ahead stands at $0.55. If bulls press on, validating the rally of July, a breakout above $0.62 could see the coin rip higher. Before then, aggressive traders can look to fade the primary bearish trend of late last week, targeting $0.55. Any sharp downturn forcing prices below August 5 lows will cancel this bullish outlook.

For now, bulls are upbeat. The losses of August 6 remain, but buyers are attempting to roll back, posting gains. At this pace, XRP is back in green, stabilizing amid intense liquidation pressure. Notably, the average trading volume remains steady, standing at over $1.5 billion.

The following XRP and Ripple news are worth watching:

• Despite yesterday’s recovery, some bearish analysts think it is a dead cat bounce, and the coin will dip even further. Last month, XRP dropped below $0.40 before edging higher. For the uptrend to be validated, XRP must breach $0.62.
• Following the court ruling in July 2023 endorsing XRP as a commodity when traded in the secondary markets, Kaiko data shows that trading activity has surged. Over the last year, trading of XRP in United States exchanges rose from a measly 2% to nearly 14%.

XRP Price Analysis

XRP/USD is firm when writing, and buyers are upbeat.

Despite the sell-off, aggressive traders can choose to buy the dip, targeting $0.62 in the coming months.

The immediate resistance is at $0.55, a key reaction line for now.

On the lower end, support is at $0.43, or August 5 lows.

A drop below this line might see XRP edge even lower as bears reverse July gains.