XRP Falls Despite Ripple Plans of Connecting With Ethereum and Expanding In SE Asia

XRP is down, looking at events in the daily chart. Still, bulls have the upper hand. Unless there is a discouraging drop closing below $0.55, optimistic bulls might consider every low to be a loading opportunity. Before then, aggressive bulls are picking out favorable entries with every contraction. As it is, there are a few fundamental triggers. How XRP performs will largely depend on how other coins fare and reject every attempt for sellers to force prices lower.

At press time, XRP is still at seventh on the market cap leaderboard, closely battling with USDC. The coin is down 4% on the last day and week. At the same time, engagement is recovering but low, expanding above $1 billion.

The following XRP and Ripple news could shape price action in the short term:

• Ripple Labs, the developer behind the XRP Ledger, is building an Ethereum sidechain as it seeks smart contracts interoperability. The development will be a huge boost for the ledger and possibly drive prices in the coming weeks.
• Ripple, the blockchain company, is also expanding in Southeast Asia, following new partnerships with South Korea and Japan. The goal is to support crypto infrastructure as they prepare for institutional adoption.

XRP Price Analysis

XRP/USD is within a tight range.

While the uptrend remains, for now, the short-term favors sellers.

The primary support is at $0.55.

However, if prices expand above $0.58, the coin may easily find the momentum to fly to as high as $0.62.

Meanwhile, any high-volume drop below $0.55 will likely fuel the sell-off. In that case, the emerging trend will confirm the bears of August 25 through to 27.

The first target would be $0.50 and later $0.45.