As an analyst with over a decade of experience in the cryptocurrency market, I’ve seen bull runs and bear markets come and go. The current trend for XRP/USD is no exception to this rollercoaster ride.
The bulls’ pressure continues on the market, according to CoinStats.
XRP/USD
The rate of XRP has risen by 0.51% since yesterday.
On an hourly timeframe, the value of XRP currently sits within a tight range or band. But should it retrace back to around $2.46, there could potentially build up enough momentum to test the resistance level at approximately $2.4840 before the end of the day tomorrow.
From my perspective as an analyst, over the long term, the scenario appears quite analogous. I’m finding insufficient momentum in the price movement of XRP to justify a significant surge. This observation aligns with the declining trading volume, suggesting a lack of intense market participation that typically precedes such moves.
All in all, sideways trading in the range of $2.20-$2.60 is the most likely scenario.
Looking from a midterm perspective, neither side seems to have a clear advantage at the moment. If the weekly bar ends up near or exceeding $2.50, there might be an opportunity to reach a test of the monthly high of approximately $2.9092 by the end of this month.
XRP is trading at $2.4166 at press time.
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2024-12-12 19:18