XRP Rising, Retests $0.55 As Ripple Whales Buy 40 Million Coins in 48 Hours

XRP is firm, trending higher like Bitcoin and other top altcoins. With prices retesting $0.55, buyers must conquer this liquidation level. If the uptrend is to take shape and losses of early October are to be reversed, then a follow-through of yesterday’s bar must be with rising volume. In that case, XRP can easily fly to over $0.66 in alignment with gains of Q3 2024. For now, traders are cautious but bullish. The optimism is also considering the positive cross-appeal by Ripple against the United States SEC.

After days of sideways movement, the breakout on October 14 is lifting sentiment. It could form the base for another leg up in the coming days. Thus far, XRP is up nearly 2% over the last day as engagement is above $1.1 billion. Any trend continuation today will see the average trading volume rise, even matching the August 7 and 8 averages.

XRP Daily Chart for October 15

The following XRP and Ripple news developments could shape prices:

  • Despite the absence of spot XRP ETFs in the United States, investors in other jurisdictions poured $1.1 million into XRP ETPs. Over the past few days, more capital has been flowing to the product, signaling institutional interest.
  • Over the weekend, Santiment reveals that whales have been positioning themselves for possible gains. They bought over 40 million XRP over the weekend.

XRP Price Analysis

XRP/USD is priming for possible gains after days of consolidation.

If prices close above $0.55 today, XRP will likely soar to $0.66 and September highs in a buy trend continuation.

All the same, the downtrend set in motion in early October remains.

This outlook will only change once the October 2 losses are reversed. That means Ripple bulls need to extend gains above $0.55 and decisively breach $0.60.

Before then, the immediate support remains at $0.50.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments