The weekend has started bearish for the market, according to CoinMarketCap.
Top coins by CoinMarketCap
XRP/USD
The price of XRP has declined by 2.13% since yesterday.
Image by TradingViewOn the hourly chart, the rate of XRP is in the middle of the local channel between the support of $0.5080 and the resistance of $0.5265.
The volume keeps falling, which means any sharp ups or downs are unlikely to happen by the end of the day.
Image by TradingViewOn the daily time frame, traders should pay attention to the bar closure. If it happens near or below the support level of $0.5137, the drop is likely to continue to the next vital zone of $0.50 soon.
Image by TradingViewFrom the technical point of view, the weekly bar is about to close bearish. If bulls cannot seize the initiative, there is a possibility to see a test of the $0.45-$0.50 area at the beginning of the next month.
XRP is trading at $0.5148 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
