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Most of the cryptocurrencies are in the red zone at the beginning of the weekend, according to CoinStats.
XRP/USD
XRP is an exception, rising by 3% over the last 24 hours.
Despite today's growth, the rate of XRP is looking bearish on the hourly chart. The price is approaching the support of $2.7558. If the daily bar closes below that mark, traders may witness a test of the $2.70 range.
On the bigger time frame, one should focus on the nearest level of $2.6461. While the rate is above that mark, bulls are more powerful than bears.
In this case, there is a chance of an upward move to the $3 area.
From the midterm point of view, the price of XRP is in the middle of the wide channel, between the support of $1.7711 and the resistance of $3.40. The volume is low, which means increased volatility is unlikely to happen shortly.
XRP is trading at $2.7780 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team