As a seasoned crypto investor with a few bear market cycles under my belt, I’ve learned to read between the lines when it comes to market trends and price movements. And based on the current state of XRP/USD, I’m feeling a pang of unease in my gut.
The weekend has started bearish for the market, according to CoinMarketCap.
XRP/USD
The price of XRP has declined by 2.13% since yesterday.
In the hourly timeframe, XRP‘s price sits right around the midpoint of its current local trading range, with support at $0.5080 below and resistance at $0.5265 above.
The decrease in volume suggests that significant price fluctuations are improbable before the day is over.
On a day-to-day basis, keep an eye out for the closing price on the chart. Should it finish close to or beneath the significant support level of $0.5137, expect further declines towards the next crucial area at around $0.50.
As a crypto investor, I’m observing the technical situation closely. The weekly bar is indicating bearish signs as it prepares to close. If bulls fail to take control, we could see a drop towards the $0.45-$0.50 price range in the coming weeks.
XRP is trading at $0.5148 at press time.
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2024-04-27 17:11