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Bears are trying to seize the initiative in the second part of Friday, according to CoinStats.
XPL/USD
The price of Plasma (XPL) has declined by 10% over the last 24 hours.
On the hourly chart, the rate of XRP is going down after a local support breakout of $0.7036. If the daily bar closes far from that mark, the drop is likely to continue to new lows.
On the longer time frame, the picture is also bearish. In this case, traders should focus on the daily candle's closure in terms of yesterday's bar's low.
If it happens below $0.70, traders may witness an ongoing correction.
From the midterm point of view, the situation is not clear enough, as XPL has been just listed on the exchange recently. However, if the weekly candle closes below $0.8282, traders might keep controlling the initiative on the market.
XPL is trading at $0.6750 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team