As a seasoned analyst with over two decades of experience in the cryptocurrency market, I have seen bull runs and bear markets come and go. Today’s analysis of XRP/USD leaves me cautiously optimistic, but I would not be surprised if we see a further downturn in the near future.
Some coins have returned to the red zone at the end of the week, according to CoinMarketCap.
XRP/USD
XRP’s price dropped about 1.58% compared to yesterday. However, over the past week, it has increased by approximately 0.34%.
On an hourly timeframe, XRP‘s price appears bearish and is approaching the support area around $0.5310. If buyers fail to take control by end of the day, there might be a breakthrough leading to a potential drop towards the $0.53 range and below.
Looking at the long-term perspective, the rate continues to decrease following a misleading breakthrough of the $0.5445 resistance level. If the candle ends close to its lowest point and around $0.53, traders might observe a potential test of the $0.52-$0.5250 price range within the upcoming days.
On a weekly timeframe, the current price action isn’t showing clear signs of optimism (bullish) or pessimism (bearish), as it’s hovering within the range set by the last candlestick.
If things continue as they are until the end of the week, it’s more probable that we’ll see continued price movement within the range of $0.51 to $0.56.
XRP is trading at $0.5295 at press time.
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2024-10-13 19:05