XRP price remains in a narrow consolidation situation, with traders waiting for a definitive breakout. Despite the temporary price increase, the cryptocurrency remains below its important 200-day moving average, suggesting potential risks. Trading volume remains strong at $1.01 billion, indicating active market interest as XRP approaches key support at $0.50.
XRP price remains within a tight consolidation channel as investors and traders focus on the coin’s next major directional move. The cryptocurrency continues to fall in price over the past 24 hours, although the price has increased slightly. Analysts predict further losses unless market conditions change.
On Wednesday, Crypto WZRD posted a post on X that provides insight into the current market position of XRP. He said that XRP ended the day without a clear direction and remained stagnant within its daily trading range. In the analyst’s view, there is a need to increase volatility on lower time frames in the market to create quick trading opportunities. He aims to track intraday chart formations over the next few days and look for trading opportunities.
XRP daily technology outlook:$XRP It closed indecisively today and is still trading in the same daily range area, so more volatility from lower timeframes is needed to get a quick scalp. Tomorrow we will track the intraday chart formation to get a mature trade setup 😈 pic.twitter.com/rqS4OyVv43
— CRYPTOWZRD (@cryptoWZRD_) October 9, 2024
In the past week alone, XRP has plummeted from $0.65 to below its 200-day moving average, which currently stands at $0.55. This bearish pressure continues to cast a shadow over the market, especially as XRP has struggled to break through this critical level and is trading sideways below this level.
Source: TradingView
Recent price action has been at the $0.50 support level, which could be important in the near-term direction of XRP. If prices fall to this level, they may fall further. However, a rebound from this level could lead to buying pressure and cause prices to rebound.
At the time of writing, Ripple coin is trading at $0.5315, up 1.55% in the past 24 hours. While this short-term rally is good news for short-term traders, it is not enough to change the overall trend. Last week, the XRP currency lost 8.73% of its value, which does not bode well for those hoping for the currency to rise again.
Source: TradingView
Trading activity was good, although price performance was somewhat mixed. In the past day alone, XRP trading volume reached $1.01 billion, showing that the market for this token remains active. This high level of trading means that investors are paying intense attention to the cryptocurrency as it waits for a breakthrough.
The future of XRP in the short term is unpredictable. Cryptocurrency WZRD predicts further volatility due to possible test of major support levels, but market still awaits stronger signals to establish the likelihood of the crypto’s next big move There is. There, traders are advised to keep an eye on the charts and keep an eye on the coming days as this could be decisive for XRP.
