XRP Stagnates As XRPL Developers Ship Patch, When Will Ripple Break $0.60?
XRP is bullish but consolidating above the $0.55 support when writing. Technically, a close above $0.60 could push Ripple to new levels
XRP is printing discouraging lower lows at press time, confirming the weakness of the first half of the week. Technically, the uptrend remains, but local support is between $0.55 and $0.57. Buyers should defend this area, allowing aggressive traders to accumulate on dips. A close above $0.60 would be the basis for more gains, possibly to $0.66, confirming gains of September 12. Before then, conservative traders can stay on the sidelines, watching how prices evolve.
As it is, XRP is, from a top-down preview, bullish. However, in the short term, bulls have been struggling, and $0.60 remains unchallenged. Looking at coin trackers, the seventh most valuable coin is mostly stable over the last day and week. Even so, engagement is decent at around $1 billion.
Traders are closely monitoring the following XRP and Ripple news:
- The amendment fixAMMv1_1 is now live on the XRP Ledger (XRPL). This update is one of the three that seeks to fix the problem that affected AMM operations on the mainnet.
- As crypto finds adoption and institutions embrace the tech, the demand for XRP will be more pronounced, considering its role in payment. Accordingly, one analyst thinks this will be massive as far as price is concerned.
XRP Price Analysis
XRP/USD is flat at press time.
The coin is also boxed in a tight range even though buyers are in charge.
The immediate resistance is at $0.60.
On the lower end, the support zone is between $0.55 and $0.57.
As it is, traders can consider longs on dips, especially above $0.55.
This will align with the bull bar of September 12 to 14.
However, there will be clear buying signals should XRP break above the September 21 trade range.
The first target, if this happens, will be $0.66.
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