The crypto market is neither bullish nor bearish today, according to CoinStats.
XRP/USD
XRP is one of the biggest gainers today, rising by almost 5%.
On an hourly timeframe, it’s crucial to observe the closing price of each daily bar relative to the nearby resistance level of approximately $3.3458. Should this level be breached, further progression could extend towards the $3.40 region and potentially beyond.
As a researcher, I find myself observing a potential shift in market dynamics on a larger time scale. If the status quo persists until the market’s close today and prices remain near their current levels, it appears that we may have amassed enough buying energy to initiate a test of $3.50.
Looking from a mid-point perspective, traders might want to concentrate on where the bar closes at around the $3.40 level.
For traders considering their positions from halfway through, it’s essential to pay attention to where the bar ends up at approximately the $3.40 mark.
If bulls manage to maintain their advantage, there’s a good chance we’ll see a surge or jump, which might then be followed by additional price increases.
XRP is trading at $3.3471 at press time.
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2025-01-20 18:33