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A new week has started with the drop of most of the coins, according to CoinMarketCap.
XRP/USD
The rate of XRP has declined by 3.71% over the last day.
On the hourly chart, the price of XRP is near the local resistance of $1.9829. However, most of the daily ATR has passed, which means traders are unlikely to see sharp moves by tomorrow.
But if bulls can hold the gained initiative, the upward move may lead to the test of the $2-$2.05 zone shortly.
On the longer time frame, the rate of XRP is far from main levels. The volume remains low, which means neither bulls nor bears have accumulated enough energy for a further move. In this case, sideways trading in the range of $1.95-$2.05 is the most likely scenario.
From the midterm point of view, the picture is similar. However, it is too early to make any long-term predictions as the week has just begun. As the price of XRP is far from support and resistance levels, one should focus on the nearest zone of $2. If the candle closes above it, traders may witness an upward move to the $2.20 area.
XRP is trading at $1.9801 at press time.
Denys Serhiichuk
Tomiwabold Olajide
Gamza Khanzadaev
Alex Dovbnya