XRP Finds Roadblock below $0.66, Millions Flowing To Ripple ETPs
XRP is bullish, even with prices moving sideways. However, for this to happen, Ripple must break $0.66 for a chance for $1
XRP is steady and interest is soaring, looking at engagement in the past week of trading. Technically, buyers have a chance and may close above the immediate barriers in a buy trend continuation. However, what’s important in the next few days is the relief from the conclusion of the Ripple versus the United States SEC court case. After years, the court ruled that Ripple should pay $125 million as settlement, lifting sentiment.
So far, traders are closely monitoring the performance of crypto assets across the board, considering the positive correlation it has on XRP. Even after a 32% spike from August 2024 lows, traders are looking at $0.62. A close above this level could see XRP rip higher in a buy trend continuation. For now, the coin is stable on the last day, though trading volume is rising, reaching $1.3 billion in the past 24 hours.
Traders are closely monitoring the following trending XRP and Ripple news:
- The United States SEC might not appeal the ruling made by the court, which would greatly boost Ripple and XRP. According to Ripple CEO, the company had spent nearly $150 million before last week’s settlement.
- Coinshares report that inflows into the XRP ETPs soared by over 175% last week. So far, over $21 million has been invested into these complex derivatives. The more capital flows to XRP, the higher the probability of prices surging.
XRP Price Analysis
XRP/USD remains within a bullish formation.
The problem is that there is strong rejection at around July highs.
Still, following the uptick of August 7 and 8, every low within this range may offer entries for buyers.
So far, the local support is $0.55.
This level may be the base for buyers targeting $0.60 and $0.66.
If bulls flow back, a decisive break lifting XRP above $0.66 will be ideal. In that event, the coin can easily float to $0.74, if not $1, in a buy trend continuation formation.
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