As a seasoned crypto investor with years of experience under my belt, I’ve learned to read between the lines when it comes to market analysis. Based on the information provided, I see that XRP has shown some signs of recovery, with a 1.13% increase over the last day. However, it’s important to note that the hourly chart still shows sellers’ pressure, and the price is closer to the support than the resistance level. This means that there’s a possibility of a breakout and a move towards $0.51, but it’s not a certainty.
Some coins are trying to get back to the green zone, according to CoinStats.
XRP/USD
The price of XRP has increased by 1.13% over the last day.
As a crypto investor, I’m closely monitoring the hourly chart of XRP. Currently, the price is being pushed down by sellers, with the rate hovering near the support level rather than the resistance. However, there’s still a possibility that we could see a breakout, leading to an uptrend and pushing the price towards the $0.51 area.
In the larger perspective, neither side has gained clear control following yesterday’s bullish candle finish.
As an analyst, I believe that the ongoing lateral trading between the price ranges of $0.51 and $0.52 is the most probable outcome for the remainder of this week.
In the weeklong perspective, the price pattern remains quite uniform. Should the market bar close near its current value, investors could anticipate a price range consolidation between $0.50 and $0.54 by the month’s end.
XRP is trading at $0.5190 at press time.
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2024-05-16 19:06