As the crypto market experiences a significant downturn, bears continue to exert their influence with most coin prices residing in the red zone, as reported by CoinMarketCap.
Despite the overall bearish sentiment, XRP has managed to hold steady in terms of price movement since yesterday. The hourly chart for XRP indicates a bullish trend, with the coin testing the local resistance level of $0.5344. A potential breakout could lead to further upward movement towards the $0.5450 zone.
However, on a larger time frame, XRP has yet to reach key price levels, with no clear direction from either buyers or sellers. As a result, it is likely that the coin will continue to trade sideways within the $0.52-$0.54 range in the near future.
Looking ahead to the mid-term outlook, trading volume remains low, signaling a lack of significant market activity from both sides. Traders should anticipate consolidation around the $0.54 mark until the end of the month.
At the time of writing, XRP is priced at $0.5351, demonstrating resilience in the face of market volatility. Investors and traders should closely monitor price movements and market trends to make informed decisions in the ever-changing crypto landscape.
