The cryptocurrency market has not yet decided which way to go, according to the CoinMarketCap ranking.
Top coins by CoinMarketCap
XRP/USD
XRP is one of the biggest losers today, going down by 3.48%.
Image by TradingView
On the local chart, the rate of XRP is in the middle of the channel, between the support at $0.6237 and the resistance at $0.6362. There are low chances of seeing any sharp moves today, as most of the daily ATR has been passed. In this case, ongoing sideways trading around $0.63 is the more likely scenario until tomorrow.
Image by TradingView
On the daily chart, the rate of XRP has failed to fix above the interim $0.64 mark, which means sellers keep controlling the situation on the market. If the drop to $0.62 continues, the accumulated energy might be enough for a support breakout, followed by a possible blast to the $0.60 area and below.
Image by TradingView
From the midterm point of view, traders should focus on the nearest level of $0.61. If the bar closes far from it, buyers have a chance to seize the initiative that can lead to a local rise to the $0.65 range.
XRP is trading at $0.6306 at press time.
Arman Shirinyan
Godfrey Benjamin
Gamza Khanzadaev