XRP Is Flat But Analysts Project A 250% Surge to $1.5 in 2 Months
XRP is flat but firm at press time. While bullish, the uptrend will be defined once Ripple bulls break $0.60
XRP is moving horizontally at spot rates, stuck inside the $0.55-$0.57 support on the lower end and $0.60 on the upper end. Even though there are high hopes that buyers will take control, the short and medium-term trends favor sellers. This outlook will rapidly change once there is a high volume close above $0.60, sparking a wave of demand and confirming gains of mid-September. For now, traders can adopt a wait-and-see approach, aware that buyers are at a pole position thanks to the uptick of July. The surge still defines the current trend.
The flat price action in the daily chart means sellers are attempting to slow down buyers. At press time, XRP is mostly stable. At the same time, the average trading volume—a gauge of investor/trader interest—is at around $1 billion—and still stable.
Traders are watching out for the following XRP and Ripple news:
- Chris Larsen, the co-founder of Ripple, recently moved 430 million XRP. The transfer, sifted through various exchanges and wallets, is a concern for traders. It remains to be seen whether this stash will be sold or held.
- One analyst is bullish on XRP, expecting the coin to hit $1.5 by the end of the year. Anchoring this belief, the analyst points to the increasing influence of cross-border payments. Moreover, Ripple continues to strike quality partnerships.
XRP Price Analysis
XRP/USD is flat at spot rates.
As long as the $0.55 to $0.57 support is valid, traders can consider longs on dips.
However, there will be clearer opportunities for trend continuation should XRP surge above $0.66.
In that case, Ripple buyers may roar to $0.74. If this happens, the possibility of the coin more than doubling to $1.5 could be possible.
If, on the flip side, sellers take over, forcing prices below $0.55, XRP may fall to September lows of around $0.50.
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