As a seasoned analyst with over a decade of experience in the crypto market, I have seen my fair share of bull and bear markets. Today, looking at the price action of XRP, I can’t help but feel a sense of déjà vu.
The weekend has started on a positive note for most coins, but a closer look at XRP’s hourly chart suggests that the current growth might be short-lived. The rate of XRP has risen by 1.11% over the last 24 hours, but if we break below the local support, it’s likely to continue its descent towards $2.40 by tomorrow.
On a bigger time frame, things look even more bearish. We had a false breakout of the recently formed resistance at $2.4798, and if the daily bar closes far from that mark, we can expect a test of the $2.35 range soon. From my perspective, it’s shaping up to be another rollercoaster ride for XRP investors.
However, as I always say, the market never sleeps, and anything can happen in crypto. In the midterm, we’re looking at sideways trading in the zone of $2.30-$2.70. The volume is falling, confirming the absence of buyers’ and sellers’ power, which makes it difficult to predict a clear direction.
In conclusion, I would advise caution to all XRP investors. If you’re looking for a laugh, remember this old saying: “In crypto, the market can stay irrational longer than you can stay solvent.” So buckle up and enjoy the ride!
The weekend has started bullish for the majority of the coins, according to CoinMarketCap.
XRP/USD
The rate of XRP has risen by 1.11% over the last 24 hours.
Although XRP has experienced expansion lately, its hourly chart indicates a downward trend. If it breaches the current support level, it’s probable that the price will drop towards the $2.40 region by the next day.
Looking at the long-term perspective, the overall trend appears to lean more towards bearish rather than bullish. The price of XRP experienced an unsuccessful breakout above the recent resistance level of approximately $2.4798.
If the daily bar closes far from that mark, one can expect a test of the $2.35 range soon.
From a midterm perspective, the market doesn’t show clear signs of optimism or pessimism. The volume indicates that neither buyers nor sellers have significant power. Therefore, it seems plausible that the price will move sideways within the range of $2.30 to $2.70 in the coming period.
XRP is trading at $2.4430 at press time.
Read More
- EUR MYR PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- USD MXN PREDICTION
- USD BRL PREDICTION
- OKB PREDICTION. OKB cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- EUR CAD PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- GBP RUB PREDICTION
2025-01-04 13:15