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Ripple reports a 50% increase in XRP sales in the second quarter
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Token Has Moved Above a Consolidation Channel, But Buying Power Is Weak
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$0.37 to investors. Must watch price action on
Ripple XRP/USD has seen an unprecedented demand recently. A recent report indicates that Ripple sold $409 million worth of XRP tokens in the second quarter. Sales were double compared to the previous quarter. It suggested an increase in its on-demand liquidity service. The rise in demand can be attributed to investor expectations of a jump in prices. It deals with potentially positive outcomes from the SEC’s case.
Despite Q2 sales, XRP remained in the trenches. It remained as low as $0.3 until mid-July. Ripple attributed the low price of XRP to macro issues and protocol-specific developments. Of course, despite this, the SEC case could go either way.
Nevertheless, investors have remained optimistic about the XRP price recovery. After staying in the consolidation zone for almost 2 months, it broke through on 30 July. The breakout occurred when the price broke the $0.37 resistance. However, we see this as a mini-breakout as the coin has to overcome another tackle at $0.40. This explains why the power of the bull remains weak. However, XRP remains up for strong gains and should be on the investors’ watch list.
XRP retraces from resistance to support after latest breakout
Source – TradingView
On the daily technical outlook, XRP has touched a breakout level of $0.37 after the latest correction. MACD indicators are bullish on the coin, although momentum is waning. Investors should watch $0.37 for a potential bullish reversal. If XRP breaks below the level, it could return to the consolidation zone again.
summary
XRP is still in bullish momentum, but bears are driving the price down. We need to watch for a bullish reversal at $0.37.