As an experienced analyst, I’ve seen my fair share of market fluctuations in the cryptocurrency space, and based on the current data from CoinStats, it appears that the market is showing signs of a rebound towards the end of the week. However, let me focus on XRP and its price action.
The cryptocurrency market is facing a bounce back at the end of the week, according to CoinStats.
XRP/USD
The price of XRP has almost not changed since yesterday.
As an analyst, I’ve noticed that on the hourly chart, the price of XRP has hit the support level of $0.5032 yet again. If this support holds and we experience a breakout, it’s likely that we’ll see a test of the $0.5020 area in the near future.
On the day-to-day price chart, there was a deceptive price surge above yesterday’s highest candlestick point. If the current bar ends close to its bottom, investors could anticipate further decline towards $0.50 in the upcoming week.
As a crypto investor, I’ve observed that following a bullish candle, buyers have struggled to keep the momentum going and sustain an uptrend in the medium term.
In this regard, a test of the nearest support level of $0.4780 is likely to occur.
XRP is trading at $0.5033 at press time.
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2024-05-12 21:16