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XRP Price Analysis for October 7

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Sat, 7/10/2023 - 17:03
XRP Price Analysis for October 7
Cover image via www.tradingview.com

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Buyers are trying to seize the initiative at the beginning of the weekend, according to CoinStats.

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XRP chart by CoinStats

XRP/USD

The rate of XRP has risen by 0.44% since yesterday.

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Image by TradingView

Despite the slight rise, the rate of XRP is looking bearish on the hourly chart as the price is on the way to testing the support of $0.5211. If the situation does not change by the end of the day, the breakout may lead to a drop to the $0.52 zone soon.

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Image by TradingView

On the daily time frame, the rate of XRP has not changed since yesterday as neither side has seized the initiative so far. 

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In this case, ongoing consolidation in the area of $0.52-$0.53 is the more likely scenario for the next few days.

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Image by TradingView

A similar situation is on the bigger chart as the rate of XRP is trading within the previous weekly candle. The low volume confirms that traders are unlikely to expect a sharp move soon.

XRP is trading at $0.5221 at press time.

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