XRP Flat Below $0.60, Ripple Executive Refutes Claims of Price Manipulation
XRP is flat when writing, looking at the formation in the daily chart. All the same, Ripple bulls are in control above $0.55
XRP is flat at press time as a spinning top formation appears to be printing out. Despite the general confidence, buyers must break above the current consolidation for trend continuation. Any surge above $0.60 confirms the sideways chop as an accumulation. Conversely, any drop below $0.57 and later $0.55 will make it a distribution. The path of least resistance is northwards, and traders are upbeat, predicting an eventual convincing close above $0.66. It will be especially so if the leg up is with rising volume.
Presently, traders are upbeat, but there is little for bulls to show. The coin is moving sideways, explaining the depressing gains over the previous day and weeks. So far, XRP is stable over the last day and week. The uptrend will be valid if there is a sharp uptick in trading volume, ideally printing above $2 billion.
The following XRP and Ripple news events are trending:
- The general consensus is bullish even as XRP moves sideways, deflating the upside momentum. Based on the latest CoinMarketCap sentiment poll, over 84% of all voters are bullish, expecting more gains in the coming days.
- David Schwartz, the Ripple CTO, has refuted claims that the blockchain company is deliberately suppressing or manipulating prices. Schwartz said they have no control of XRP prices in the secondary markets.
XRP Price Analysis
XRP/USD is bullish at spot rates.
Nonetheless, there is a spinning top formation clear in the daily chart.
While there are opportunities on dips, traders can wait for a clean breakout in either direction.
For the uptrend to be sustained, a clean break above $0.60 will set buyers in motion, targeting $0.66.
However, if sellers step up, and a contrarian formation prints out, any drop below $0.57 may see XRP drop to $0.55.
Further losses confirm the presence of sellers. In that case, bears can begin targeting $0.50.
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