XRP Recoils From $0.66: Is Ripple Preparing For China and Hong Kong?
XRP Is down in the past week but the uptrend remains as long as Ripple remains above $0.55, a key support level
XRP is pulling back from the primary resistance, looking at price action in the daily chart. Even though there is hope that buyers will step up and maintain the uptrend of July, risk-off traders have to stay on the sidelines for now. As things stand, the immediate resistance is $0.66. It is a stubborn line yet to be conquered, despite recent spikes, primarily after the recent court ruling. On the other hand, a few fundamental factors support Ripple. In turn, this slows down the upside momentum.
Traders are confident, but price action is mute. So far, XRP is flat in the past day and down 3% in the previous week. At the same time, the average trading volume remains low, at around $1 billion. As seen in early August, engagement will rise whenever prices start expanding. Once this pans out, the coin will remain in a tight range and uneventful.
The following XRP and Ripple news are trending:
- In November, a new documentary about XRP, the native coin of the XRP Ledger, will premiere on Netflix. XRPL is among the early blockchain networks that remain energy-efficient and scalable, unlike Bitcoin or the first version of Ethereum.
- China and Hong Kong bank IDs have been added as part of Ripple’s documentation. Earlier, Philippines banks were only part of this explainer. The addition is massive and points to the firm’s readiness to expand.
XRP Price Analysis
XRP/USD is bullish but flat, looking at the formation in the daily chart.
The local support is $0.55, while resistance lies at $0.66.
Even though the uptrend remains, risk-off and conservative traders can wait for trend definition. In that case, a close above $0.66 will be critical.
If the breakout bar is with rising volume, XRP may expand to $0.74 in a buy trend continuation.
For aggressive traders, every dip above $0.55 can offer ideal entries.
Any loss forcing XRP below this support zone will weaken the uptrend.
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