XRP Is Down But Broke From July Highs: Are Bulls Preparing For $1?
XRP is down but after breaking above the July high, Ripple bulls have what it takes to drive prices to as high as $1
XRP ended September and Q3 2024 strongly. After fears in August and September, the bounce of the past month has seen the coin surge above $0.55 to as high as $0.66. All the same, the seventh most valuable coin cooled off yesterday, sliding from $0.66. What’s needed is a firm close above $0.66 for trend continuation. Before then, traders might consider loading on dips if prices remain above $0.55. Technical candlestick arrangement could see XRP rally back to $0.74 in a buy trend continuation formation.
The coin fell back from swing highs, visible in the daily chart. Even though XRP is down, it is up over 6% over the last week of trading. At the same time, the average trading volume is up, standing at $1.6 billion.
XRP and Ripple holders are closely watching out for the following news events:
- After the drop to as low as $0.38 in August, XRP turned around and soared by a decent 21%. The uptick saw the average engagement level and open interest across exchanges rise, pointing to trader interest.
- Ripple, the blockchain company, has confirmed that its stablecoin, RLUSD, is still in private beta. Although there might be movements on-chain, the token, tested on Ethereum and the XRP Ledger, is not yet available.
XRP Price Analysis
XRP/USD is firm, even with the dip on September 30.
Every low above $0.55, technical candlestick arrangement shows, may permit traders to consider longs, targeting $0.66 and $0.74.
A decent, high-volume close above $0.66 could mark the start of a fresh leg, perhaps even above 2024 highs and $1.
Notice that the uptrend momentum is strong, and prices are banding along the upper BB—a net positive.
At the same time, the September 29 breakout was bullish, lifting XRP above the July range.
Since the leg up was with rising volume, the odds of the coin printing higher highs remain elevated.
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