As a seasoned analyst with over two decades of experience in both traditional and digital markets, I’ve seen my fair share of market swings – some gentle, others as wild as a rollercoaster ride. Today, looking at the current state of the cryptocurrency market, it seems we’re on yet another exhilarating ride.
The rates of most cryptocurrencies keep falling, according to CoinMarketCap.
XRP/USD
XRP is an exception, rising by 0.76%.
Although there was a minor increase today, the value of XRP is expected to approach its nearby support level at around $0.5646. Should a breakthrough occur, it might lead to a quick drop towards the $0.56 region soon after.
Over a longer period, buying activity hasn’t matched the pace of yesterday’s growth. If today’s trading session ends significantly below its highest point, sellers could regain control, potentially causing a downtrend towards the $0.55 price range.
Such a scenario is relevant until the end of next week.
Looking at the midpoint, it’s crucial to pay attention to where the candles close each week. If the closing price dips below $0.56, there’s a strong possibility that the trend will continue towards the $0.52-$0.54 range.
XRP is trading at $0.5667 at press time.
Read More
- ENA PREDICTION. ENA cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- USD COP PREDICTION
- WIF PREDICTION. WIF cryptocurrency
- EUL PREDICTION. EUL cryptocurrency
- EUR NZD PREDICTION
2024-08-31 20:19