As a seasoned market analyst with over two decades of experience under my belt, I must say that the current state of XRP is reminiscent of a well-behaved child during the holidays – neither causing too much trouble nor bringing joyful excitement. The price action is mildly bearish on the hourly chart, but the bigger picture remains neutral, much like how I feel about fruitcake after the fifth slice.
The market is neither bullish nor bearish on Christmas, according to CoinMarketCap.
XRP/USD
The rate of XRP has declined by 0.8% over the last 24 hours.
On an hourly basis, XRP’s price trend appears bearish, heading towards its nearby support level at approximately $2.26. If selling pressure persists and the daily candle ends in that vicinity, there might be a potential for a breakout leading to a drop towards the $2.24 region.
Over a larger time period, the price is currently contained within today’s range, indicating that neither side holds clear advantage. This lack of dominance has resulted in reduced trading volume.
All in all, traders are unlikely to see sharp ups or downs in the near future.
Looking from a midterm perspective, the situation appears much the same. Given that the rate is quite distant from critical levels, it’s crucial to focus on the transitional zone around $2. If this level gets breached, there might be enough accumulated momentum for a potential challenge of the $1.50 range.
XRP is trading at $2.28 at press time.
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2024-12-25 18:39