As an analyst with over two decades of experience in the financial markets, I’ve seen more than a few bull runs and bear markets. With this latest surge in XRP, I find myself reminded of the old saying, “What goes up must come down.” However, it seems that XRP is determined to defy gravity at the moment.
There are no reversal signals on the market so far, according to CoinMarketCap.
XRP/USD
The rate of XRP keeps rising, going up by 6.6% over the last 24 hours.
On the one-hour chart, the value of XRP has been increasing following an apparent breach of its nearby support level at $0.5984, which turned out to be a false breakout. If buyers manage to maintain control, this upward trend could potentially encounter resistance before eventually breaking through it.
For a larger time perspective, keep an eye on the nearby level at $0.6342. If the daily closing price gets close to or above this level, there might be enough built-up momentum for a potential test of the $0.66 zone in the near future. This situation remains relevant until the end of the trading week.
From my perspective as an analyst, at the halfway mark, the value of XRP is situated within a broad range, hovering around both the support level of $0.4226 and the resistance level of $0.7430. At this point, neither side appears to have gained significant control, so it seems plausible that we’ll continue to experience sideways trading in the near future.
XRP is trading at $0.6143 at press time.
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2024-11-12 12:32