As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen bullish and bearish trends come and go. Today, I find myself analyzing the XRP/USD pairing, and based on the current data provided by CoinStats, it appears we’re looking at a mostly bullish market.
The market remains mainly bullish today, according to CoinStats.
XRP/USD
The price of XRP has gone up by 4.65% since yesterday.
On an hourly timeframe, the price of XRP appears to be building up momentum for potential future advancement. Given the balance between buyers and sellers, it seems plausible that the market will continue moving sideways within the range of approximately $2.54 to $2.60.
On a day-to-day basis, the price is quite distant from key points. As such, significant increases or decreases occurring shortly are not very probable.
In this regard, traders may expect consolidation in the zone of $2.4-$2.7 for the next few days.
Looking at the mid-point perspective, it’s advisable to concentrate on the closing of each weekly candle, specifically its highest point. If this peak is accompanied by a long wick (the space between the open and close prices), it could signal that sellers are gaining control temporarily, potentially causing a drop towards the $2 region.
XRP is trading at $2.5523 at press time.
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2024-12-08 18:56