The cryptocurrency market has kicked off the new week with a general upward trend, and XRP is no exception, showing notable gains over the last 24 hours as analysts assess its immediate and midterm prospects.
XRP's Immediate Price Dynamics
Currently trading around $2.5624, XRP has seen a significant 7.79% increase in the past day. On an hourly chart, the digital asset finds itself positioned centrally within its trading channel, flanked by support at $2.5143 and resistance at $2.6372. Given the daily Average True Range (ATR), substantial volatile moves are not anticipated in the very short term. Looking at a longer, daily timeframe, XRP is distant from major support and resistance thresholds, making the closure of the current candle crucial. A close above yesterday's peak, devoid of a long wick, could signal a continued ascent towards the $2.70-$2.80 range.
Midterm Outlook and Trading Range
From a midterm perspective, the market for XRP appears balanced, with neither bullish nor bearish forces exerting dominant control following its rebound from the $1.7711 support level. This suggests that the most probable scenario for XRP in the coming period is a continuation of sideways trading. Investors can likely expect XRP to fluctuate within a defined range, specifically between $2.40 and $2.70, as it seeks a clearer directional impetus.
