The cryptocurrency market is currently experiencing a correction following a period of growth. This adjustment impacts various digital assets, including XRP.
XRP/USD Performance
The price of XRP has seen a decline of 3.35% over the past 24 hours. This downward movement suggests a bearish sentiment in the short term.
Analyzing the hourly chart, the XRP price remains bearish and is currently positioned near the local support level of $2.4450. If buyers are unable to regain control and push the price upwards, there is a significant possibility of a breakout below this support level. Such a breakout could lead to a further decline, with the price potentially testing the $2.40 range.
On longer time frames, the XRP rate has once again encountered resistance at the $2.5549 mark. If the daily trading candle closes significantly below this resistance level, traders might anticipate a test of the $2.35 to $2.40 range in the near future.
From a midterm perspective, the current price of XRP is situated far from key technical levels. The trading volume has been low, which indicates a reduced likelihood of sharp price movements over the next few days. Consequently, the most probable scenario is sideways trading within the range of $2.40 to $2.50.
As of the current press time, XRP is trading at $2.4629.