As an experienced financial analyst, I have closely monitored the cryptocurrency market for several years now. Based on the current data from CoinMarketCap and the analysis of XRP‘s price action, it is clear that the correction trend is continuing for this digital asset. Although there was a false breakout above the local support level of $0.4793 yesterday, if today’s daily bar closes far from this level, we can expect to see a test of the resistance by tomorrow.
The correction of most of the coins is continuing, according to CoinMarketCap.
XRP/USD
The rate of XRP has declined by almost 2% since yesterday.
Despite the downward market momentum, XRP‘s price appeared to break through its immediate support at $0.4793, but this turnout may have been a deceptive move. If today’s daily bar finishes significantly away from this level, there is a likelihood that we will see a challenge of the resistance in the following day.
Looking at the larger time scale, XRP‘s downtrend seems persistent following the previous day’s bearish finish. Should the candle close around $0.48 or even lower, the potential drop could extend towards the $0.46 mark.
As a crypto investor looking at the mid-term perspective, I see that the price scenario remains quite comparable to what it was. Unfortunately, the price has once again been unable to break above the crucial level of $0.50. If buyers don’t manage to take control by the end of this week, we might witness a retest of the resistance at $0.4309 in the near future.
XRP is trading at $0.4859 at press time.
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2024-06-11 13:54