As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I can’t help but feel a sense of deja vu when I see XRP‘s performance today. With its 8.22% drop, it seems like we’ve been here before – and not too long ago either.
The market keeps growing today, according to CoinMarketCap.
XRP/USD
XRP is one of the biggest losers today, falling by 8.22%.
On the hourly chart, the price of XRP is more akin to touching its resistance threshold rather than its support. Interestingly, the majority of the Average True Range (ATR) has already been surpassed. This implies that significant price swings by the end of the day are unlikely to occur.
As a crypto investor, I’ve noticed that from a broader perspective, the price of XRP seemed to breach its support level at around $2.2011, but upon closer inspection, it appears this was merely a false breakout.
If the candle closes far from it, traders may witness a bounce back to the $2.60 zone shortly.
Looking at the midpoint of the week, it’s crucial to focus on whether the weekly bar will close near the $2.35 level. If a false breakout occurs and the candle closes with a significant wick, bears might take control, potentially leading to a correction towards the $2 zone.
XRP is trading at $2.3575 at press time.
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2024-12-05 16:59