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XRP Price Analysis for August 27

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Sun, 27/08/2023 - 18:00
XRP Price Analysis for August 27
Cover image via www.tradingview.com

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The prices of most coins are rising today, according to Coinstats.

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Top coins by Coinstats

Top coins by Coinstats

XRP/USD

The price of XRP has increased by 0.89% since yesterday.

XRP/USD chart by TradingView

Image by TradingView

On the hourly chart, traders should pay attention to the local resistance at $0.5296. If the bar closes around that mark today, the growth may continue to the $0.5340 zone tomorrow.

XRP/USD chart by TradingView

Image by TradingView

On the daily time frame, the situation has almost not changed over the last days, which means any sharp moves are unlikely to happen soon.

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All in all, ongoing sideways trading in the area of $0.52-$0.54 is the more likely scenario for the upcoming week.

XRP/USD chart by TradingView

Image by TradingView

From the midterm point of view, the rate of XRP is far from the key levels, confirming that bears might have run out of power. However, the altcoin has not accumulated enough energy for an upward move yet. Respectively, consolidation in the area of $0.50-$0.55 is the more likely scenario until mid-September.

XRP is trading at $0.5261 at press time.

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