The correction on the market might have ended as the rates of most coins are blasting, according to CoinStats.
XRP chart by CoinStats
XRP/USD
The price of XRP has gone up by 5.65% since yesterday.
Image by TradingViewOn the hourly chart, the rate of XRP has made a false breakout of the local resistance level. If the daily bar closes far from it, one can expect a rollback to the $0.5350-$0.54 zone.
Image by TradingViewOn the bigger time frame, the price keeps rising after yesterday’s bullish closure. However, the rate of XRP needs more time to accumuate energy for an ongoing rise.
In this case, sideways trading in the zone of $0.53-$0.55 is the more likely scenario for the next few days.
Image by TradingViewFrom the midterm point of view, buyers need to hold the gained initiative until the end of the week. If they manage to do that and the bar closes near $0.55, there is a chance to see a test of the resistance of $0.5714 soon.
XRP is trading at $0.5414 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.
Source link
