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XRP Price Analysis for August 24

Thu, 08/24/2023 - 17:07
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Denys Serhiichuk
Is it possible for XRP to record an price uptick soon?
XRP Price Analysis for August 24
Cover image via www.tradingview.com

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Buyers are holding the initiative, according to the CoinMarketCap data.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

The price of XRP has increased by 0.30% over the last 24 hours.

XRP/USD chart by TradingView

Image by TradingView

Despite the modest increase, XRP's price appears to be bearish on the hourly chart. The price is approaching recently formed support at $0.52015. If the daily candle closes below this level, the price may decline to the $0.51 area shortly.

XRP/USD chart by TradingView

Image by TradingView

On a larger time frame, the outlook remains bearish as the current bar is set to close below yesterday's low. If this occurs, there is a high likelihood that the price will test the $0.50 range by the end of the month.

XRP/USD chart by TradingView

Image by TradingView

From a medium-term perspective, XRP's rate is situated mid-range within a broad channel, accumulating energy for a significant move. Declining volume confirms that the altcoin is not yet poised for either growth or decline.

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In summary, consolidation within the $0.50-$0.54 range appears to be the most likely scenario for the coming weeks.

XRP is trading at $0.5172 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.