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XRP Price Analysis for August 30

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Wed, 30/08/2023 - 16:45
XRP Price Analysis for August 30
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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Buyers keep controlling the situation on the market as the rates of coins are rising.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

The price of XRP has increased by 0.28% over the last 24 hours.

XRP/USD chart by TradingView

Image by TradingView

Despite today's rise, the price of XRP is looking bearish on the local time frame. The rate is returning to the recently formed support of $0.5279. If a breakout happens, the downward move may continue to the $0.52 zone.

XRP/USD chart by TradingView

Image by TradingView

The price of XRP keeps trading sideways on the daily chart as none of the sides has accumulated enough energy for a sharp move.

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Bulls can seize the initiative only if they restore the rate above the $0.55 zone.

XRP/USD chart by TradingView

Image by TradingView

The falling volume confirms that ongoing sideways trading remains the more likely scenario on the weekly chart. In this case, there are low chances of seeing any sharp moves soon. All in all, consolidation in the area of $0.50-$0.54 is the more likely scenario until mid-September.

XRP is trading at $0.5277 at press time.

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