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Analyst Believes XRP’s Current Support Will Be Short-Lived By CoinEdition

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Analyst Believes XRP’s Current Support Will Be Short-Lived

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© Reuters. Analyst Believes XRP’s Current Support Will Be Short-Lived

  • XRP’s support at $0.52 will likely be broken, according to an analyst.
  • The analyst added that XRP’s price could drop to the support at $0.494.
  • At press time, XRP is trading hands at $0.5204 after a 0.36% price decrease.

Crypto trader and analyst TARA (@PrecisionTrade3) posted on Twitter yesterday to share her thoughts about what the price of (XRP) could do in the coming days. According to the analyst, although XRP has decent support at $0.52, she believes it is very likely to be short-lived and the remittance token will likely follow (BTC) in a correction.

XRP / US Dollar 4h (Source: Twitter)

The analyst added that she can even see XRP’s price drop to the support at $0.494. She also stated that it could still be too early to predict what XRPs’ price will do in the coming days, but traders should be prepared for a move either way.

XRP / US 1D (Source: TradingView)

At press time, XRP is still trading just above its support of $0.52. CoinMarketCap indicates that the altcoin is currently trading hands at $0.5204 after a 0.36% price decrease over the last 24 hours. The crypto’s small loss barely had an effect on its weekly performance as XRP is still up by more than 3% over the last seven days.

XRP’s drop in price led to the crypto weakening against BTC and (ETH) by about 0.06% and 0.24% respectively over the last day. The altcoin’s 24-hour trading volume is in the red zone currently, and now stands at $644,077,656 after a decrease of more than 40% since yesterday.

XRP’s price drop means that its market cap currently stands at $644,077,656, which ranks it as the 6th biggest crypto in terms of market capitalization at press time. This places the remittance token right behind (USDC) in the 5th position and in front of (ADA) which is ranked 7th.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Analyst Believes XRP’s Current Support Will Be Short-Lived appeared first on Coin Edition.

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Photo of Jake Jake Send an email April 16, 2023
0 67 2 minutes read
Photo of Jake

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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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