As a seasoned analyst with years of experience navigating the volatile crypto market, I must say that today’s market movements have been predictable yet intriguing. The daily red zone return is a common occurrence in this dynamic world, and it’s always a reminder that patience is the key to success.
Buyers could not hold today’s rise until the end of the day, and most coins have returned to the red zone, according to CoinStats.
XRP/USD
The price of XRP has gone down by 1.55% since yesterday.
On the hourly chart, the rate of XRP is trading near the local support of $0.5485.
If buyers cannot seize the initiative until the end of the day, one can expect a breakout, followed by a move to the $0.54 zone.
Looking at the long-term perspective, the trend remains negative as well. If today’s closing price is close to the support level at $0.5434, there could be enough accumulated strength for a potential drop towards the $0.51 to $0.52 price range
On a weekly basis, neither side appears to be taking control just yet. Should conditions persist, it seems probable that we’ll see continued price fluctuations within the range of $0.52 to $0.60
XRP is trading at $0.5488 at press time.
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2024-09-05 19:23