XRP Accumulating Above $0.55, Ripple Lawyer Banks Big On Regulatory Clarity In The US
XRP is firm but underperforming versus, say, Bitcoin. If bulls hold above $0.55, Ripple can still reclaim $0.66. When will this happen?
XRP has not been spared the general weakness across the board. The United States Fed decision, most hoped, would have ignited demand, moving altcoins, the top of the list being XRP. However, what’s visible in the XRP chart is still consolidation. The seventh most valuable coin is still below $0.66, moving sideways and respecting the stubborn liquidation level set in July. Unless there is a sharp expansion above this zone, the path of least resistance is southwards in the short term. It would especially be the case if XRP loses $0.55.
From the look of things, XRP is bullish but moving sideways. Depending on the eventual breakout direction, the low valuation might offer entries for traders to accumulate. As mentioned earlier, the local support and resistance is at $0.55 and $0.66. Meanwhile, XRP is under pressure on the last day but up 8% in the previous week. Even so, the average trading volume is rising at around $1.2 billion.
The following trending Ripple news are worth watching:
- Clear regulations are important for adoption. According to the Ripple lawyer, once there is clarity in the United States, Ripple will be the “most trusted source for enterprise support” for firms searching for crypto solutions.
- XRP continues to find adoption across the world, especially in Southeast Asia. Through a partnership with Surfy, people can use the coin to pay for ordinary daily bills.
XRP Price Analysis
XRP/USD is firm at spot rates but consolidating.
Even as the coin moves sideways, that the coin is still above $0.55 is important.
Aggressive and optimistic trades interpret this consolidation as an opportunity to accumulate.
Every low, therefore, might be an opportunity to load with targets at $0.66 as long as $0.55 holds.
However, if there is a sharp push above $0.66, confirming gains of September 12 to 14, XRP can easily soar to $0.74.
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