As an experienced financial analyst, I have closely monitored the cryptocurrency market for several years now. The current situation with most top 10 coins trading in the red zone is a common occurrence that we’ve seen numerous times before. However, one coin stands out – XRP.
Almost all of the top 10 coins are again trading in the red zone, according to CoinMarketCap.
XRP/USD
XRP is the only exception from the rule, rising by 0.55% since yesterday.
Although there has been a minor increase in the price of XRP today, it seems poised to revisit the nearby support of $0.4922. Should this level give way, a further decline towards the $0.4850 region could ensue.
On a larger timescale, neither buying nor selling forces are strongly in control as the price remains a significant distance from key resistance and support levels. Consequently, it’s probable that the market will continue to trade sideways within the range of $0.4850 to $0.50 until the week concludes.
As a market analyst, I’d observe that the weekly chart of XRP displays a comparable image to what we currently see. The cryptocurrency is presently transacting near the center of its expansive price range, oscillating between the support level at $0.4309 and the resistance barrier at $0.5714.
The low volume confirms that there are low chances of high volatility until the end of the month.
XRP is trading at $0.4947 at press time.
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2024-06-20 18:52