As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market fluctuations and false breakouts. While it’s encouraging to see XRP gain 1.15% in the last 24 hours, I’m not getting too excited just yet.
Most coins have come back to the red zone, according to CoinMarketCap.
XRP/USD
The price of XRP has increased by 1.15% over the last 24 hours.
On the hourly chart, XRP‘s price has appeared to breach the $0.4802 resistance level falsely. Should the daily bar finish significantly away from this point, the downward correction could persist and reach the $0.4750 region the following day.
On a larger time scale, XRP‘s price has continued to rise since yesterday’s bullish finish. But if today’s candle ends significantly below the high, bears could regain control, potentially causing a decline towards the $0.47 mark in the near future.
As an analyst looking at the mid-term perspective, neither side holds a clear advantage since the price is yet to approach significant support or resistance levels.
If the price of the weekly bar hovers around its current level, it’s more probable that sideways trading will persist within the range of $0.47 to $0.48 in the coming days.
XRP is trading at $0.4767 at press time.
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2024-06-28 18:57