The cryptocurrency market has seen a decline in prices recently, with many coins returning to the red zone, according to CoinMarketCap data. One of the coins affected by this trend is XRP, which has experienced a 1.64% drop in value over the last 24 hours.
Looking at the hourly chart, the price of XRP is currently close to a local resistance level of $2.1761. If buyers are able to maintain their pressure, there is a possibility of a breakout above this level, leading to a move towards the $2.20 area. Traders should also keep an eye on the nearest support level of $2.1277, as a return to this level could signal a further downward move to the $2.05-$2.10 range in the near future.
From a midterm perspective, the outlook for XRP is more bearish than bullish. If the crucial $2 zone is breached by the bears, there is a possibility of a test of the $1.50 area in the coming weeks. At present, XRP is trading at $2.165.
In conclusion, the price of XRP has seen a decline in recent days, with the coin trading near a resistance level of $2.1761. Traders should keep an eye on key support levels and be prepared for a potential downward move towards the $2.05-$2.10 range. The overall sentiment for XRP is currently bearish, with a possibility of a test of the $1.50 area if the crucial $2 zone is breached by sellers. As always, it is important for traders to stay informed and make informed decisions based on market trends and analysis.
