XRP Retraces From $0.62: Is This The Golden Opportunity To Buy?

XRP is lower when writing, finding strong resistance at around the $0.62 and July highs. Even though the uptrend remains, fundamental factors must drive demand, lifting prices above this crucial liquidation zone. For now, XRP is up an impressive 31% from August lows and within a bullish formation after buyers stepped in, preventing the complete reversal of July gains. Every low above $0.55 may offer entries for aggressive buyers targeting $0.66 or higher in the short term.

The uptrend remains with buyers squarely in charge and XRP technically within a bullish formation after the breakout above $0.55. For now, it remains to be seen whether aggressive buyers will push on, extending gains from August lows. In the past day, the coin is down nearly 4% but up 19% in the previous week amid stable trader engagement.

Traders are closely monitoring the following XRP and Ripple trending news:

• Ripple, the blockchain company, has launched the beta testing of its new RLUSD stablecoin on the XRP Ledger and Ethereum. The token will compete with USDT and USDC. However, it is not available for purchase, at least for now, and will be subject to regulatory approval.
• Even as crypto prices recover, XRP stands out and outperforms Bitcoin in the number of transactions and associated trading volume in key exchanges. This was expected considering the conclusion of the multi-year court case last week.

XRP Price Analysis

XRP/USD is within an uptrend.

Early August sellers didn’t faze buyers of July.

If anything, the dump presented entries for aggressive buyers who were angling for more gains in the short to medium term.

Technically, the immediate support is at $0.55.

Therefore, traders may buy the dips above this line, targeting July highs.

On the other hand, a clean break above $0.62 and July highs may see XRP rip higher, especially if the breakout was with rising volume.

In that case, the coin may soar to $0.66 and $0.74.