XRP has recently seen significant price fluctuations, sparking interest among traders and investors. While showing a notable daily surge, the cryptocurrency has struggled over the past week, prompting a closer look at its short-term and midterm market trajectory.
Recent Price Dynamics and Immediate Outlook
The past 24 hours saw XRP's value climb by nearly 7%, a positive turn after a more substantial 10.44% decline over the entire week. Currently, the hourly chart indicates a downward trend following the establishment of a local resistance point at $2.0760. Should today's trading session conclude notably below this mark, analysts suggest a continued correction, potentially pushing the price back toward the $2 support zone in the very near term.
Broader Trends and Midterm Projections
On larger timeframes, the market appears to be in a state of equilibrium, with neither bullish nor bearish forces holding a definitive advantage. Consequently, sideways trading is anticipated for the next few days, likely within a range of $1.90 to $2.10. Looking further ahead, the midterm outlook remains cautious. If the weekly trading bar closes near its lowest point, a more significant correction could unfold, potentially driving XRP's price down to the $1.50 zone before the end of the month. XRP is currently trading at $2.0258, reflecting this period of pivotal market assessment.
