XRP is holding strong and trending upwards like Bitcoin and other top altcoins. Buyers will need to overcome this liquidation level as the price retests $0.55. If the uptrend is to take shape and the losses of early October are to be reversed, the follow-through of yesterday’s bar must be accompanied by an increase in volume. In that case, XRP could easily rise above $0.66 in line with the rally in Q3 2024. For now, traders are cautious but bullish. The optimistic view also takes into account Ripple’s aggressive cross-appeal to the US SEC.
After a few days of sideways movement, the October 14th breakout has led to an uptrend. That could set the stage for further gains in the coming days. So far, XRP is up nearly 2% from the previous day as engagement has exceeded $1.1 billion. If the trend continues today, average trading volume will increase to match the average of August 7th and 8th.
The following XRP and Ripple news developments may shape the price.
Investors in other regions poured $1.1 million into XRP ETPs, even though there are no spot XRP ETFs in the US. We have seen more money flowing into this product over the past few days, indicating interest from institutional investors. Santimento revealed over the weekend that the whale was positioning itself for a possible acquisition. They purchased over 40 million XRP over the weekend.
XRP price analysis
XRP/USD is sparking upside potential after several days of price action.
If the price closes above $0.55 today, XRP could continue its buying trend and rise to $0.66 and September highs.
Still, the downward trend that began in early October remains.
This outlook will only change if the losses on October 2 are reversed. This means that Ripple bulls need to extend gains beyond $0.55 and decisively break above $0.60.
Until then, immediate support remains at $0.50.
