XRP Up 50% from July Lows: Why Are Bulls Struggling Below $0.65?
XRP is firm when writing and trending inside a bull flag. Even so, for Ripple bulls to take over, prices must break $0.66
XRP, like Bitcoin, Solana, and other top altcoins, remains inside a range. However, in the case of XRP, buyers have the upper hand following the rapid expansion on August 7 and 8. Fundamental factors at play may prop up optimistic buyers in the days to come. For now, traders are cautious, looking at the arrangement in the daily chart. As long as XRP is below $0.66, the uptrend will be slow.
Even with XRP surging by nearly 50% after the drop below $0.40 in July, the uptrend is losing momentum. Looking at the chart, prices are moving sideways in an otherwise bullish formation. The state of affairs reflects on the daily performance. To put in the numbers, XRP is stable on the last day though the average trading volume is down, dropping to $1 billion.
The following XRP and Ripple news developments are worth tracking:
- Ripple and SBI Digital are joining hands to push for the adoption of the XRP Ledger. The deal will focus on the integration of the blockchain into the Bto3Web3 community, as they aim to enhance the functionality of the ledger and increase its appeal.
- Traders are closely tracking price action on the daily chart. If buyers force prices above the local resistances, analysts predict the next stop to be within the $0.70 and $1 range.
XRP Price Analysis
XRP/USD is firm when writing and looking at the daily chart.
The uptrend remains, but buyers must first close $0.66 and July highs.
On the lower end, support is at around $0.55.
Since XRP is within a bull flag, traders can wait for a clean breakout before committing.
If buyers take over, any surge confirming the bull bar of August 7 will lift sentiment and prices to fresh Q3 2024 highs.
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