Main navigation

XRP Price Analysis for September 7

Thu, 09/07/2023 - 18:00
article image
Denys Serhiichuk
When can traders expect local bounce back of XRP?
XRP Price Analysis for September 7
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.

Read U.TODAY on
Google News

The cryptocurrency market is trading neutral at the end of the day, according to the CoinStats ranking.

Top coins by CoinStats

XRP/USD

XRP has joined the list of rising coins today, going up by 0.21%.

Image by TradingView

On the hourly chart, the price of XRP might have found a local support level of $0.4958. If growth continues to the $0.50 zone and the rate can fix above that vital mark, traders might see an upward move to $0.5039 tomorrow.

Image by TradingView

On the daily time frame, the rate is far from the support and the resistance, which means that ongoing sideways trading remains the more likely scenario until the end of the week. All in all, traders might expect a consolidation in the range of $0.4950-$0.5050 for the next few days.

Image by TradingView

A similar picture can be seen on the weekly chart as none of the sides is dominating at the moment. Such a statement is also confirmed by the declining volume. A possible move to the resistance of $0.5848 can happen only if the price fixes above the interim zone of $0.55.

XRP is trading at $0.4992 at press time.

article image
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.