Buyers might not have accumulated enough energy for a continued rise, according to CoinStats.
XRP chart by CoinStats
XRP/USD
The price of XRP has gone down by 5.13% since yesterday.
Image by TradingViewOn the hourly chart, the rate of XRP is looking bearish as it is about to breakout the local support of $0.5458. If it happens, the correction may continue to the $0.54 area and below.
Image by TradingViewOn the daily time frame, the price has continued the fall after yesterday’s bearish closure. At the moment, there are no reversal signals yet.
If the candle closes below $0.55, the energy might be enough for a more profound drop to the vital area of $0.50.
Image by TradingViewFrom the midterm point of view, the weekly bar is about to close bearish. If the picture does not change by the end of the day, bears may get back in the game, which might lead to a decline below $0.50.
XRP is trading at $0.5431 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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