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The weekend has started with continued growth of the cryptocurrency market. However, there are some exceptions.
XRP/USD
The price of XRP keeps rising, going up by 2.25%.
On the hourly chart, the rate of XRP is in the middle of the local channel, which means that neither side has locally seized the initiative yet.
However, if the price reaches the $0.6850 mark, the accumulated energy might be enough for a resistance breakout, followed by a blast to the $0.70 zone.
A similar picture is on the daily time frame. However, the rate is far from resistance now. Thus, the volume has dropped. All in all, consolidation in the range of $0.67-$0.70 is the more likely scenario for the next days.
From the midterm point of view, the current candle might close with long wicks, which means that XRP might need time to get strength for a further move. In this case, sideways trading around the $0.70 zone is the more likely scenario for next week.
XRP is trading at $0.67050 at press time.
Arman Shirinyan
Alex Dovbnya
