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Bulls could hold the initiative until the end of the day as most of the cryptocurrencies are back to the red zone.
XRP/USD
Despite the fall of the majority of coins, the rate of XRP is almost unchanged since yesterday.
On the hourly chart, XRP has formed the support at $0.34169. At the moment, the rate is coming back to it, which means that bulls are not powerful enough for a short-term rise.
Denys SerhiichukIf the bar closes below it, the fall may continue to the $0.34 zone tomorrow.
On the daily time frame, the rate is located in the middle of the channel, accumulating power for further movement. If buyers want to seize the initiative, they need to restore the rate above the $0.35 zone. Only in that case are there chances to see a local upward move.
XRP is feeling a little bit more positive on the chart against Bitcoin (BTC) as the price remains above the support level at 0.00002007. If bulls can hold the gained initiative, the correction may lead to the test of the resistance at 0.00002102 soon.
XRP is trading at $0.3435 at press time.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team