As a seasoned analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. Today, looking at the XRP/USD pair, it seems we might be witnessing a subtle shift in the tide. The price increase by 0.43% is a positive sign, but the hourly chart suggests that if the daily candle closes below $0.5868, we could see a further drop to the $0.58 zone.
Bulls have become weaker on the last day of the week, according to CoinMarketCap.
XRP/USD
The price of XRP has increased by 0.43% since yesterday.
On an hourly timeframe, keep an eye on the support level around $0.5868. Should the day’s candle close beneath this point, there’s a likelihood that the price drop could extend towards the $0.58 region.
Looking at a broader perspective, the price of XRP is currently holding within the range established by yesterday’s trading session. Should buyers fail to maintain the current level around $0.58, a potential decline could see prices testing the $0.56 range over the coming days.
Looking at the midpoint, the current price lies right smack in the center of the broad range stretching from the support level of $0.5026 to the resistance level of $0.6580.
In other words, since no clear winner has emerged, it’s quite probable that the price will continue to fluctuate between approximately $0.55 and $0.60.
XRP is trading at $0.5859 at press time.
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2024-09-22 19:19