Buyers are holding the initiative, according to the CoinMarketCap data.
Top coins by CoinMarketCap
XRP/USD
The price of XRP has increased by 0.30% over the last 24 hours.
Image by TradingView
Despite the modest increase, XRP's price appears to be bearish on the hourly chart. The price is approaching recently formed support at $0.52015. If the daily candle closes below this level, the price may decline to the $0.51 area shortly.
Image by TradingView
On a larger time frame, the outlook remains bearish as the current bar is set to close below yesterday's low. If this occurs, there is a high likelihood that the price will test the $0.50 range by the end of the month.
Image by TradingView
From a medium-term perspective, XRP's rate is situated mid-range within a broad channel, accumulating energy for a significant move. Declining volume confirms that the altcoin is not yet poised for either growth or decline.
In summary, consolidation within the $0.50-$0.54 range appears to be the most likely scenario for the coming weeks.
XRP is trading at $0.5172 at press time.
Alex Dovbnya
Arman Shirinyan
