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XRP Price Analysis for August 6

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Sun, 6/08/2023 - 14:37
XRP Price Analysis for August 6
Cover image via www.tradingview.com

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Buyers could not hold the initiative for long as most of the coins are in the red zone again.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

The rate of XRP has risen by 0.28% over the last 24 hours.

XRP/USD chart by TradingView

Image by TradingView

Despite the slight rise, the rate of XRP is looking bearish on the local chart, as the price is about to fix below the support at $0.6265. If buyers cannot seize the initiative, the drop may continue to the $0.62 area tomorrow.

XRP/USD chart by TradingView

Image by TradingView

A similar situation is on the daily time frame, as the rate is returning to the level formed by a false breakout. If the price fixes below $0.6242, traders are likely to see a further downward move to the $0.59 area.

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Such a scenario is relevant until mid-August.

XRP/USD chart by TradingView

Image by TradingView

On the weekly chart, one should pay attention to the mirror level at $0.5848. If a bounce back happens, buyers might locally seize the initiative, which could lead to a rise to the $0.65 range.

XRP is trading at $0.6238 at press time.

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