As an experienced market analyst, I’ve seen my fair share of bear markets, and the current trend in the cryptocurrency market is no exception. Looking at the XRP/USD pair specifically, the price has taken a hit, dropping by 7.69% according to CoinStats. The hourly chart shows that the local support of $0.4441 was broken, and if buyers fail to regain control, we could see further declines to the $0.43-$0.4350 zone.
The market keeps setting new lows, according to CoinStats.
XRP/USD
The price of XRP has dropped by 7.69%.
On the hourly chart, XRP‘s hourly price has dropped below the previous support level of $0.4441. If buyers fail to take control, there’s a risk for further decline towards the $0.43-$0.4350 range in the near future.
On the daily chart, a comparable image emerges. Should the support level give way, the built-up momentum could potentially lead to a decline towards the $0.42 region within the ensuing days.
On a weekly basis, sellers hold significant power. Should the price close near its current level, it’s likely that bears will drive the XRP rate back down towards the $0.35 mark.
XRP is trading at $0.4434 at press time.
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2024-07-04 18:03