The cryptocurrency market is falling, according to CoinStats.
XRP chart by CoinStats
XRP/USD
The rate of XRP has dropped by 4.74% since yesterday.
Image by TradingViewOn the hourly chart, the price of XRP has fixed below the local support level of $0.5158. If the situation does not change by the end of the day, the decline may lead to the test of the $0.51 zone tomorrow.
Image by TradingViewOn the bigger time frame, there are no reversal signals yet, which means that there is a good chance of seeing a further drop of XRP to the $0.48-$0.50 range.
Such a scenario is relevant until the end of the week.
Image by TradingViewFrom the midterm point of view, the price of XRP has bounced off the $0.55 zone, which means that bears are still more powerful than bulls. If the weekly bar closes below the vital zone of $0.50, traders may expect a test of $0.45.
XRP is trading at $0.5145 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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