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The weekend started with growth in the cryptocurrency market as all of the Top 10 coins are in the green. Polkadot (DOT) is the top gainer, rising almost 7%.
The rise of the coins has positively affected the market capitalization, increasing by $4 billion and is now $362 billion.
Below is the relevant data for XRP and how it's looking today:
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Name: XRP
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Ticker: XRP
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Market Cap: $12,278,495,104
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Price: $0.272887
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Volume (24H): $1,112,629,296
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Change (24h): 1.57%
The data was relevant at press time.
XRP/USD: Is There Enough Strength to Make a Come Back at $0.30?
XRP is the second fastest growing token from the Top 3 list. The rate of the third most popular altcoin has risen by 1.57% since yesterday, while the price change from last week has dropped 2.80%.
Looking at the hourly time frame, XRP is facing a slight correction after a false breakout at the $0.2760 mark. The decline may not have ended yet; however, a retest of the nearest support zone is possible. This is confirmed by the low selling volume, which shows a weakness of sellers. In this particular case, a short-term rise may last at the $0.2743 mark.
Looking at the bigger picture, the situation is not so positive. The trading volume is on the decline and XRP is trading within a descending channel. Apart from that analysis, the liquidity is low, which means that the bulls are unable to make a reversal.
This is why the most likely price action for XRP is a continued drop to its support level at $0.2690 soon.
Looking at the daily time frame, the bears are more powerful than the bulls. XRP has not reached a bounce off level, which means that a decline remains the most possible scenario. The volume is also slightly on the decline as buyers are not willing to move the needle at the current price. To sum it up, the bears might keep pushing the rate down until it reaches the $0.25 level.
At press time, XRP was trading at $0.2720.
Vladislav Sopov