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Bulls turned out to be more powerful than bears at the beginning of the weekend.
XRP/USD
XRP has followed the rise of Bitcoin (BTC) and other coins, going up by 1%.
Despite today's rise, it does not seem like XRP is going to grow as the price is slowly approaching the local support level at $0.5080.
Denys SerhiichukIf the situation does not change by the end of the day, the breakout might be a prerequisite for a sharp drop to the $0.50-$0.5050 zone.
The rate of XRP has not decided which way to go yet as the price is in the middle of the channel, accumulating energy for a further move. In this case, ongoing consolidation in the area of $0.50-$0.52 remains the more likely scenario for the next few days.
A similar situation is on the weekly time frame of XRP. The low volume confirms the fact that the coin does not have enough strength to grow or decline. However, if buyers can hold the price above the vital $0.50 mark, the local upward move may last to the $0.54 mark.
XRP is trading at $0.5092 at press time.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya