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XRP Price Analysis for September 2

Thu, 08/31/2023 - 15:14
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Denys Serhiichuk
Has price of XRP found local bottom yet?
XRP Price Analysis for September 2
Cover image via www.tradingview.com

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Bears are still controlling the situation at the beginning of the weekend, according to CoinMarketCap's ranking.

Top coins by CoinMarketCap

XRP/USD

The price of XRP has declined by 1.90% over the previous 24 hours.

Image by TradingView

On the hourly chart, the price of XRP has tried to break the resistance at $0.4981 several times, but failed each time. If buyers cannot seize the initiative shortly, the decline may lead to a test of the local support level of $0.4950.

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Ethereum (ETH) Price Analysis for September 1

Such a scenario is relevant until the end of the weekend.

Image by TradingView

On the daily time frame, traders should focus on the important zone of $0.50. If the bar closes below it, the drop may continue to the support at $0.4835, as there are no reverse signals yet.

Image by TradingView

From the midterm point of view, the candle is about to close below the previous bar low at $0.5029. If that happens, traders are likely to see a test of the $0.45 area next week.

XRP is trading at $0.4963 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.