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Bulls have failed to seize the initiative on the first day of the weekend, according to CoinStats.
XRP/USD
The rate of XRP has increased by 0.5% since yesterday.
On the hourly chart, the price of XRP is trading above the local resistance of $0.5307. If the situation does not change by the end of the day, the rise is likely to continue.
On the bigger time frame, the rate is far from the key levels. Even if the current bar closes bullish, buyers have not accumulated enough strength for a continued upward move. In this case, sideways trading in the zone of $0.52-$0.55 is the more likely scenario.
From the midterm point of view, neither bulls nor bears are dominating. Respectively, any sharp moves are unlikely to happen soon. All in all, traders may witness a consolidation in the zone of $0.50-$0.60 for the next days.
XRP is trading at $0.5321 at press time.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team