XRP Consolidates As Second Spot Ripple ETF Application Submitted: Will $0.50 Hold?
Dalmas Ngetich•Thursday, October 10, 2024•2 min read
XRP is flat when writing, looking at the performance in the daily chart. Even though traders are overly bullish, looking at sentiment data, the path of least resistance, for now, is southwards. This preview will change should there be a solid close above $0.55 in the short term. However, if there are losses compounding worries for XRP holders, pushing the coin below $0.50, September highs will likely mark the peak of H2 2024. There are fundamental factors, outside price action, to watch closely, including the United States SEC appeal and the upcoming general election.
The coin is consolidating and bearish following last week’s losses. Even though the uptrend remains, at least from a top-down preview, sellers are dominant. In the past week, the coin is consolidating while the average trading volume is still below $1 billion.
Amid high confidence, especially from XRP diamond hands, traders are watching the following trending news events:
One trader thinks the current flat, uneventful XRP price action is the ordinary calm before the storm. In his bullish outlook, the trader said the coin will rip higher, especially if it finds support at $0.50.
Canary Capital has filed the second spot XRP ETF. It is roughly a week after Bitwise submitted the first to the United States SEC. The application is massive for the coin and could prop up faltering buyers, pushing prices above local resistance levels in the coming weeks.
XRP Price Analysis
XRP/USD is moving sideways and bearish at press time.
Overall, traders are upbeat, expecting the coin to easily align with gains of Q3 2024.
In the short term, the local resistance and support remain at $0.55 and $0.50.
If sellers of last week flow back, a break below $0.50 paves the way for XRP to retest $0.45 and $0.40 in a bear breakout continuation.
Conversely, gains above $0.55, reversing losses of last week, may drive demand, lifting the coin back to September highs.
Before then, risk-off and conservative traders can stay on the sidelines.