As a seasoned analyst with over two decades of market experience under my belt, I’ve seen more than a few bull runs and bear markets. Today, looking at the XRP/USD pair, it seems we’re in a holding pattern. The last day of the week often sees sellers holding the upper hand, but given the narrow channel XRP is moving within, any significant moves are unlikely today.
Sellers are more powerful than buyers on the last day of the week, according to CoinMarketCap.
XRP/USD
The price of XRP has declined by 1.50% over the last 24 hours.
support at around $0.4977 and resistance at approximately $0.5111. With much of the Average True Range (ATR) already covered, significant price swings are unlikely to occur today.
On the daily time frame, the price of XRP is returning to the support level of $0.4877.
If things continue as they are, there could be sufficient built-up energy for a potential surge, leading us towards the $0.48 region.
Looking at things from a medium-term perspective, my altcoin’s rate is quite some distance away from the crucial levels. But if this week’s closing price falls below $0.49, it might trigger a test at the $0.44 region.
XRP is trading at $0.5039 at press time.
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2024-11-03 15:27