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XRP Price Analysis for August 12

Sat, 08/12/2023 - 15:25
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Denys Serhiichuk
Is it possible to expect local growth of XRP soon?
XRP Price Analysis for August 12
Cover image via www.tradingview.com

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The weekend has started with slight buyer dominance, according to CoinMarketCap's ranking.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

The rate of XRP has fallen by 0.36% over the last 24 hours.

XRP/USD chart by TradingView

Image by TradingView

The rate of XRP is looking bearish on the local chart as the rate is on the way to test the support level at $0.6280 again. If a breakout happens, the decline may continue to the $0.6250 zone shortly.

XRP/USD chart by TradingView

Image by TradingView

The rate of XRP is looking more bearish than bullish on the daily time frame. At the moment, one should pay attention to the interim mark at $0.62.

Related
XRP Price Analysis for August 10

If the candle closes below it, the accumulated energy might be enough for a sharp drop to the $0.60 range.

XRP/USD chart by TradingView

Image by TradingView

From the midterm point of view, traders should focus on the bar's closure. If it happens far from $0.61, buyers might locally seize the initiative, which can lead to a bounce back to the $0.64 area.

XRP is trading at $0.6288 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.