As a seasoned researcher with extensive experience in cryptocurrency markets, I have closely monitored the recent price movements of XRP against the US Dollar (USD). Based on my analysis of the current market trends and technical indicators, I believe that buyers might not have enough energy left for a continued rise.
Buyers might not have accumulated enough energy for a continued rise, according to CoinStats.
XRP/USD
The price of XRP has gone down by 5.13% since yesterday.
As a researcher studying the hourly price trends of XRP, I’ve noticed a bearish pattern emerging. The rate is approaching a critical support level at around $0.5458. Should this level give way, I anticipate further correction towards the $0.54 region and potentially even lower values.
The price has persisted in its downward trend on the daily chart following a bearish finish the previous day. As of now, no signs of a potential price reversal have emerged.
If the candle falls below the $0.55 mark, there could be sufficient energy for a deeper decline down to the crucial level at $0.50.
Looking at the mid-term perspective, the weekly chart indicates that the bear trend is likely to resume as the bar is about to close bearishly. Should this trend persist until the end of the trading day, bears may regain control and potentially push the price below $0.50.
XRP is trading at $0.5431 at press time.
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2024-07-19 21:16