As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself often navigating the turbulent seas of market fluctuations. Today, I can’t help but feel a sense of deja vu as I observe the latest correction in XRP‘s price.
A correction has arrived on the crypto market, according to CoinStats.
XRP/USD
The rate of XRP has fallen by 2.89% since yesterday.
On the hourly scale, the value of XRP has been decreasing following its break past the $0.5163 support level. Should the daily closing price veer significantly away from this point, a further decline toward the $0.50 region appears likely.
On the bigger time frame, the rate is coming back to the support of $0.4929.
Should the buyers fail to maintain the $0.50 level, there’s a possibility that we could see a rapid drop towards the $0.48-$0.49 range in the near future.
Looking at the short-term perspective, it’s still premature to speculate on long-term projections. But if the downward trend in XRP persists from its current values, traders might encounter a potential price test around $0.48.
XRP is trading at $0.5097 at press time.
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2024-10-31 18:36