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A correction has arrived on the cryptocurrency market. However, there are some coins that are still rising.
Top coins by CoinMarketCap
XRP/USD
The rate of XRP has fallen by 8.60% over the last 24 hours.
Image by TradingView
On the hourly chart, the rate of XRP is trading in the middle of the narrow channel. Volatility has declined, which means sharp moves are unlikely to happen soon.
Denys SerhiichukHowever, if the price drops to the $0.70 zone, the breakout may lead to a test of the $0.66 area tomorrow.
Image by TradingView
On the bigger time frame, traders should pay attention to the interim support level at $0.6673. While the price is above that mark, sideways trading is the more likely scenario. But if bears seize the initiative, the fall below the aforementioned rate might be a prerequisite for a further downward move to the $0.65 area and below.
Image by TradingView
On the weekly chart, the rate of XRP has broken all possible resistance levels. Currently, one should focus on the nearest support at $0.6570. If the candle closes above it, the rise may continue to $0.80 next week.
XRP is trading at $0.7185 at press time.
Tomiwabold Olajide
Alex Dovbnya
Vladislav Sopov
Dan Burgin