As an experienced analyst, I have seen numerous market trends and price movements over the years. Based on the current data available, it seems that most cryptocurrencies are experiencing a downturn, as evidenced by their return to the red zone on CoinMarketCap. The price of XRP has remained relatively stable since yesterday, with no significant changes observed in the hourly chart.
The rates of most of the coins have returned to the red zone, according to CoinMarketCap.
XRP/USD
The price of XRP has remained the same since yesterday.
On the hourly chart, XRP‘s price is approaching its nearby support level of $0.4320. A daily bar close in this vicinity could build sufficient momentum for a move towards the $0.43 zone.
The current price shift for XRP has left its technical standing unchanged in the daily chart. This observation aligns with the decreasing trading volume, indicating neither party intends to instigate a significant price swing at present.
It’s more probable that the stock will continue to trade laterally between the prices of $0.43 and $0.44 for the time being.
As a crypto investor looking at the medium-term outlook, I see a bleak picture with the price continuing to trade beneath the $0.46 mark. There’s a possibility that we might witness a deeper correction, potentially reaching the $0.40 support level or even dipping further.
XRP is trading at $0.4355 at press time.
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2024-07-10 18:32