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The market is facing a correction after a few days of growth, according to CoinMarketCap.
XRP/USD
The rate of XRP has declined by 3.35% over the last 24 hours.
On the hourly chart, the price of XRP remains bearish as it is near the local support of $2.4450. If buyers cannot seize the initiative, there is a high chance to see a level breakout, followed by a further drop to the $2.40 range.
On the longer time frame, the rate of XRP has once again bounced off the resistance of $2.5549.
If the daily bar closes far from that mark, traders may expect a test of the $2.35-$2.40 range soon.
From the midterm point of view, the price is far from key levels. The volume is low, which means there are low chances of seeing sharp moves over the next few days. All in all, sideways trading in the range of $2.40-$2.50 is the most likely scenario.
XRP is trading at $2.4629 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team