As a researcher with extensive experience in cryptocurrency market analysis, I’ve been closely monitoring the XRP/USD pair today. Based on the current data and chart patterns, it appears that the price of XRP has experienced a minor decline of 0.45% over the last 24 hours. The hourly chart indicates that the rate of XRP is approaching a critical support level at $0.4845. A potential breakout below this level could trigger a further correction towards $0.4830. However, on larger time frames, there are no significant levels nearby. Therefore, it’s essential to keep an eye on the closing price of the daily candle in relation to yesterday’s low. If the close is below this level, we may see a more substantial correction towards the $0.48 area.
The market is mainly trading sideways on the last day of the week, according to CoinMarketCap.
XRP/USD
The price of XRP has fallen by 0.45% over the last 24 hours.
On the hourly chart, XRP‘s price is approaching the $0.4845 support level, which could give way soon. A breach of this level might lead to further correction toward the $0.4830 area. This potential development remains valid until tomorrow.
As a seasoned crypto investor, I’ve observed that on larger time frames, there aren’t any significant resistance or support levels within reach at the moment. However, it’s essential to keep an eye on the closing price of the current candle in relation to yesterday’s low bar.
If it happens below, the fall may lead to a test of the $0.48 area.
On the weekly chart, the picture is not entirely clear as the bar nears closure. The price action has yet to reach significant lows or highs, suggesting a lack of conviction from both bulls and bears. Consequently, it’s reasonable to anticipate sideways trading within the $0.47-$0.49 range for the remainder of the month.
XRP is trading at $0.4845 at press time.
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2024-06-23 19:06