As a seasoned analyst with over two decades of experience in the cryptocurrency market, I have seen my fair share of price fluctuations and trends. Today, looking at XRP/USD, it seems we are witnessing another day of sideways movement. The current price drop of 3.46% within the last 24 hours doesn’t exactly fill me with excitement.
Sellers are keeping their pressure, according to CoinMarketCap.
XRP/USD
The rate of XRP has gone down by 3.46% over the last 24 hours.
On the hourly chart, the cost of XRP currently resides within a temporary trading range, or channel. With the majority of the daily Average True Range (ATR) having been surpassed, it’s unlikely that significant price swings will occur before tomorrow.
Over a longer period, the outlook appears more pessimistic (bearish) than optimistic (bullish), since the price of XRP is nearer to its support level than its resistance level.
If the drop continues, the accumulated energy might be enough for a move to the $0.52 zone.
Based on a midterm perspective, neither side appears to be gaining clear control. Consequently, it seems plausible that the price will continue to fluctuate within the range of $0.55 to $0.65 over the coming weeks.
XRP is trading at $0.5735 at press time.
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2024-08-28 18:40