As an analyst with over two decades of experience in the cryptocurrency market, I’ve seen more than a few bull runs and bear markets. Today, while most coins seem to be holding steady, XRP is taking a slight dip, reminding us that no coin is immune to volatility.
According to CoinMarketCap, most of the coins are showing a bullish trend, but there are a few that don’t follow this general pattern.
XRP/USD
XRP is one of the biggest losers today, falling by 3.30% over the last 24 hours.
Looking at the hourly chart, the value of XRP hovers close to its current local support, which is approximately $1.0816. If the day’s trading ends around this point, it could lead to a potential breakout, with the price possibly trending towards the $1.07 area.
From my perspective as a crypto investor, on the larger time scale, neither side seems to be taking the lead, with the rate oscillating within yesterday’s range. This suggests that significant price fluctuations might not occur in the immediate future.
All in all, sideways trading in the area of $1-$1.15 is the most likely scenario.
Looking at the midpoint of the month, it would be wise to pay attention to the closing of each weekly candle. If the closure occurs some distance from the peak and features a prolonged wick, traders might observe a price correction towards the $0.90-$1 range by the end of the month.
XRP is trading at $1.1030 at press time.
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2024-11-19 16:47