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The bears are controlling the situation on the market in the middle of the week, according to CoinMarketCap.
XRP/USD
The rate of XRP has declined by 1.63% over the last 24 hours.
On the hourly chart, the price of XRP has made a false breakout of the local resistance of $2.2562.
However, if bulls can hold the initiative and the daily bar closes near that mark, one can expect a test of the $2.30 area soon.
On the longer time frame, there are no reversal signals yet. However, if the candle closes far from yesterday's bar's low, traders may witness a bounce back to the $2.40 range.
From the midterm point of view, the situation is similar. If the bar closes near its low (with no long wick), the decline is likely to continue to the $2 area.
XRP is trading at $2.2353 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team