As a seasoned analyst with over two decades of experience in the volatile world of cryptocurrencies, I find myself observing the dance between XRP and USD with a mix of intrigue and cautious optimism. The hourly chart presents an interesting scenario, with the price hovering near the local support at $2.3648 – reminiscent of a tightrope walker teetering on the edge.
Sellers have become more active today, according to CoinStats.
XRP/USD
The price of XRP has fallen by 0.1% since yesterday.
Looking at the one-hour chart, the price of XRP is close to its nearby support level of approximately $2.3648. Should a breakout occur, it’s possible that the price correction will extend towards the $2.35 region and potentially drop further.
Looking at a larger perspective, the value of XRP hovers around the midpoint within a broad range. The trading volume has decreased, implying that neither party seems eager to make a significant price shift at the moment.
All in all, sideways trading in the zone of $2.30-$2.50 is the more likely scenario.
Looking at the mid-term perspective, traders ought to pay attention to the closing of the weekly chart regarding the $2.1743 mark. If it doesn’t occur close to that level, there’s a chance the bulls could regain control.
XRP is trading at $2.4064 at press time.
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2024-12-14 18:52