As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself closely monitoring the market trends, and today is no exception. The bullish start to the week for most coins was indeed promising, but as we all know too well, the crypto market can be as unpredictable as a rollercoaster ride.
On the final day of the workweek, many cryptocurrencies began strongly (bullish), but subsequently, control was taken by the bears, as reported by CoinStats.
XRP/USD
XRP’s price dropped approximately 3.71% from its level yesterday. However, over the past week, it has increased by about 5.62%.
Every hour, the value of XRP is hitting fresh lows in its current market. If the current candle ends under the support level of $0.5760, it’s probable that the correction will extend towards the $0.56 region shortly.
On a day-to-day basis, sellers hold significant power. It’s crucial to keep an eye on the temporary price level of around $0.5656. If a breakout occurs, the accumulated force might propel a further decline towards the $0.55 region.
On the weekly time frame, the rate of XRP is far from the support and resistance levels.
It seems that neither side has a clear advantage, which suggests that the price may continue moving within the range of $0.56 to $0.66 without significant movement upwards or downwards until the end of this month.
XRP is trading at $0.5756 at press time.
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2024-08-11 16:57