XRP Price Analysis: XRP/USD Is Flat, But Sellers Have the Upper Hand

XRP price is consolidating around the $0.55 level. How the coin performs today might shape the short to medium trend.

XRP price is in a downtrend today and is retesting a key support level. The daily chart shows that the XRP price retested the $0.55 support on September 5 and broke below this level. Additionally, looking at the chart, it seems that the XRP price is stuck and the sellers have the upper hand. XRP price has been moving around the $0.55 level for days, indicating bear pressure. Unless there is an upward jump in prices, it seems likely that sellers will force prices below this range.

The $0.55 level will be critical as XRP consolidates. How the XRP price performs today could shape the short- and medium-term trend. Notably, investors are watching the local resistance at $0.58 and support levels at $0.55. So far, the XRP price has dropped 2 percent in the last day and the trading volume has fallen below $1 billion.

XRP and Ripple news that may shape the short-term trend are as follows:

XRP Price Analysis

XRP/USD appears to be stable at the moment.

According to the situation on the daily chart, sellers have the upper hand.

As prices move around the $0.55 level, entries for sellers may only appear if there is a decisive, high-volume close below this critical support.

When this happens, the XRP price could continue the decline seen in early August, sliding towards the August 7 lows of $0.50.

If not, and there is an upside bounce from $0.55, XRP price could rally towards July 2024 highs, extending early August gains.

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