XRP Sheds 4% As Ripple Bears Target $0.50—Is the Bull Run Over?
XRP is shaky but recovering. Even so, it remains under immense selling pressure. A break above $0.55 will be crucial for trend continuation
XRP, mirroring the general performance in the daily chart, broke below $0.55 over the weekend. Notably, the bear bar was wide-ranging and had decent trading volume. At this pace, sellers are in control in the short term. Prices are also within a bear breakout formation below the bull flag. From a technical perspective, this formation questions the strength of the uptrend. If buyers are to take over, they must reverse recent losses and force the coin back above $0.55. Ideally, this uptick must be with above-average engagement.
Traders are bearish, looking at sentiment charts. At spot rates, XRP is stable but down 4% in the previous week. Amid this, trading volume is slipping below $1 billion. Dropping engagement might be due to cautious traders avoiding the markets until there is a trend definition.
The following XRP and Ripple news are worth watching:
- Pro-XRP lawyer John Deaton will take on crypto critic Elizabeth Warren. Deaton, who recently won the Republican nomination for Massachusetts, will look to replace Warren in the coming elections—a huge win for the industry.
- Rising tokenization and the quest to move real-world assets on-chain is massive. As XRP Ledger partners with OpenEden, XRP could benefit from increasing activity.
XRP Price Analysis
XRP/USD is weak at press time.
After the dip over the weekend, the short-term favors sellers.
Accordingly, aggressive traders can ride the emerging trend, targeting $0.50.
From the daily chart, every high might offer sellers an opportunity to dump. This is especially true if prices remain below $0.55.
Losses below $0.50, or last week’s low, will fast-track the reversal of August gains, pushing XRP toward $0.45.
Any sharp rally above $0.55, reversing September 7 losses, would cancel this outlook, emboldening shaky bulls.
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