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XRP Price Analysis for August 10

Thu, 08/10/2023 - 18:00
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Denys Serhiichuk
When can traders expect bounce back of XRP?
XRP Price Analysis for August 10
Cover image via www.tradingview.com

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The cryptocurrency market has not yet decided which way to go, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

XRP is one of the biggest losers today, going down by 3.48%.

XRP/USD chart by TradingView

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.

XRP/USD chart by TradingView

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.

XRP/USD chart by TradingView

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.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.