Buyers do not seem ready for a midterm rise yet, according to CoinStats.
XRP chart by CoinStats
XRP/USD
The price of XRP has dropped by 8.71% since yesterday.
Image by TradingViewOn the hourly time frame, the rate of XRP is trading within the narrow range between the support of $0.5394 and the resistance of $0.5490. If buyers lose the interim level of $0.5450, the drop may lead to a test of the $0.54 area tomorrow.
Image by TradingViewToday’s fall has not affected the overall technical picture on the daily chart. Currently, the price is far from the key levels, which means any sharp moves are unlikely to happen soon.
All in all, sideways trading in the area of $0.53-$0.56 is the more likely scenario for the next few days.
Image by TradingViewFrom the midterm point of view, one should focus on the weekly bar closure in terms of the support level of $0.5140. If it happens near that mark, the accumulated energy might be enough for a breakout to the $0.46-$0.50 area.
XRP is trading at $0.5433 at press time.
About the author
Denys Serhiichuk
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.
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