As a seasoned analyst with over a decade of experience in the cryptocurrency market, I find myself constantly intrigued by the dynamic nature of this space. The recent uptick in bear activity, as reported by CoinStats, is a reminder that even the most bullish of markets can have its moments of uncertainty.
Bears are becoming more active at the end of the week, according to CoinStats.
XRP/USD
The price of XRP has risen by 1.85% over the last 24 hours.
Looking at the hourly chart, the price of XRP may have established a nearby resistance point at approximately $1.95. Should the daily closing price deviate significantly from this level, it could potentially lead to a dip in the price range around $1.90.
On a daily basis, it’s important to focus on where the day’s candlestick closes relative to its highest point from the previous day.
If it happens near $1.9575, the breakout may lead to a test of the $2 area the upcoming week.
Viewing things from a midterm perspective, the price of XRP seems to be edging towards approximately $1.9669. If the week ends with it at or above this level, and there’s no significant dip (long wick), the trend could potentially extend towards the $2 to $2.20 range.
XRP is trading at $1.9249 at press time.
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2024-12-01 13:15