XRP Uptrend Losing Steam: 400 Million Coins Moved, Will $0.55 Hold?

XRP is weak when writing. However, this is not to say the coin is the exception. Almost all other coins are moving sideways, struggling for gains after losses in the last week of August. Bulls have the upper hand, and this will be the state of affairs as long as XRP remains above $0.55. Unless there is a welcomed push higher, ideally above July highs, conservative, risk-on traders can stay on the sidelines. For now, bulls are optimistic, but losses below $0.55 would pour cold water on the uptrend.

Reflecting the sideways chop is the lackluster and near-boring performance. XRP is down 2% on the last day and 8% in the previous trading week. Meanwhile, trading volume is fast falling, dropping to as low as $780 million on the last day.

The following XRP and Ripple news are worth watching:

• As part of the monthly release of coins and decentralization strategy, 400 million XRP were transferred from Ripple and locked in escrow. The whale transfer shouldn’t be a concern for coin holders.
• Coinciding with the slip of last week, XRP holders choose to move their coins to exchanges. Technically, when coins are moved to exchanges, holders are willing to sell—a net bearish signal.

XRP Price Analysis

XRP/USD is down but bullish at press time.

From the daily chart, the uptrend of July is still intact.

The immediate liquidation line is at $0.66. It is a level that must be broken for the uptrend to continue, possibly to $1.

On the lower end, the region around $0.55 is a crucial loading area for optimistic buyers.

Every low, considering the strength of buyers, may offer entries for buyers targeting $0.66.

If not, and losses of August 27 continue, XRP might drop in the short-term toward $0.50 and even August lows of around $0.45.