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Bulls are not strong enough to seize the initiative as the prices of most of the coins keep trading in the red zone, according to CoinStats.
XRP/USD
The rate of XRP has declined by 2.24% over the last day.
On the hourly chart, the price of XRP has made a false breakout of the local support at $1.5428. If the daily bar closes far from that mark, traders can expect an ongoing upward move to the $1.60 range.
On the longer time frame, the rate of XRP has not bounced back after a false breakout of the $1.5307 level. If the candle closes near that mark or below it, the accumulated energy might be enough for a further drop to the $1.50 zone.
From the midterm point of view, there are no reversal signals yet.
If the weekly bar closes below the interim level of $1.50, traders may witness a test of the $1.30-$1.40 area by the end of the month.
XRP is trading at $1.55 at press time.
Denys Serhiichuk
Tomiwabold Olajide
Godfrey Benjamin