As a seasoned researcher who has weathered countless market storms, I must admit that today’s crypto market trends have been a rollercoaster ride. Looking at XRP specifically, it seems to be one of the hardest hit among the top coins, with a 11.16% plunge.
Most of the coins remain under sellers’ pressure, according to CoinMarketCap.
XRP/USD
XRP is one of the biggest losers today, falling by 11.16%.
Looking at the hourly chart, the price of XRP seems to have potentially established a temporary floor around $0.5107. Should the daily closing price deviate significantly from this level, there’s a possibility that the price could rebound towards the $0.54 area by the next day.
Looking at the larger perspective, the value of XRP is approaching its potential support level around $0.5026. If the bearish influence persists, there’s a possibility that the support could be breached, leading to a shift towards the $0.48-$0.49 price range.
From the midterm point of view, one should pay attention to the weekly candle closure.
Should an event occur at these present price levels, the stored energy could potentially cause a dramatic fall to approximately $0.45.
XRP is trading at $0.5249 at press time.
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2024-10-03 19:07