XRP's price action is currently characterized by sideways trading within a defined range. While short-term momentum is lacking, a weekly close near $3.40 could indicate a potential bullish breakout towards higher levels.
The price of XRP is currently trading within a local channel, ranging from a support level of $3.0937 to a resistance level of $3.1360 on the hourly chart. This sideways movement is also observed on larger timeframes, with low trading volume indicating a lack of significant buying or selling pressure. Given these conditions, a continuation of sideways trading within the range of $3 to $3.20 appears to be the most probable scenario.
From a mid-term perspective, traders should closely monitor the weekly candle closure and its peak price. If the weekly candle closes near $3.40, it could signal a potential upward movement towards the $3.6 to $3.8 range in the near future.It's important to note that the financial and market information provided here is for informational purposes only and should not be considered investment advice. Conduct thorough research, consult with financial experts, and make informed decisions based on your own risk tolerance and financial situation.
XRP Cryptocurrency Price Analysis Technical Analysis Trading Strategy
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