As a seasoned analyst with over two decades of experience in the volatile world of cryptocurrencies, I’ve seen more than my fair share of market fluctuations, including the infamous “crypto winter” of 2018. Looking at the current state of XRP/USD, it seems we might be on the cusp of another turbulent ride.
Coins have returned to the red zone, according to CoinStats.
XRP/USD
The price of XRP has dropped by 1.4% since yesterday.
In simpler terms, the hourly chart shows that XRP‘s price briefly exceeded its current support level at around $0.5924, which might not have been a genuine breakout. If today’s daily bar ends significantly away from this level, traders may anticipate a challenge to the resistance at approximately $0.6010 in the near future.
Over a longer period, neither bulls nor bears have taken control decisively. For buyers to take charge, they must push the price of XRP back up to around the $0.61 level.
In that case, there might be a chance for a continued upward move to the $0.62-$0.64 range.
Looking ahead from a midterm perspective, it’s more probable that we’ll see a continuation of sideways movement rather than significant upward or downward trends. This suggests that the price may continue to fluctuate within the range of approximately $0.55 to $0.65.
XRP is trading at $0.5932 at press time.
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2024-08-21 17:13