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The crypto market is going down as most of the coins are in the red zone, according to CoinMarketCap.
XRP/USD
The price of XRP has declined by 4.35% over the last 24 hours.
On the hourly chart, the rate of XRP is going up after a breakout of the local resistance of $1.8975. If buyers can hold the gained initiative, the upward move may lead to a test of the $1.95 area shortly.
On the longer time frame, there are no reversal signals yet as the price of XRP keeps trading near the support of $1.8209.
If a bounce back does not happen soon, traders may expect a further correction to the $1.80 range. Such a scenario is relevant until the end of the week.
From the midterm point of view, the situation is similar. If a breakout of the nearest support of $1.8209 happens, the accumulated energy might be enough for a an ongoing decline to the $1.30-$1.60 area.
XRP is trading at $1.9164 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team