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The weekend has started with a huge market dump, according to CoinMarketCap.
XRP/USD
The price of XRP has declined by 12.44% over the last 24 hours.
On the hourly chart, the rate of XRP is looking bullish as it is about to break the local resistance of $2.4893. If it happens, the upward move is likely to continue to the $2.50-$2.55 range.
On the bigger time frame, the price of XRP has almost tested the $1.20 mark. At the moment, there are low chances of sharp moves after yesterday's huge dump.
In this case, sideways trading in the zone of $2.40-$2.60 is the more likely scenario.
From the midterm point of view, the rate of XRP has once again made a false breakout of the support of the $1.7711 level. However, the volume is going down, which means the altcoin might need more time to accumulate energy for a further move. In this regard, traders may witness consolidation in the area of $2.40-$2.70.
XRP is trading at $2.4413 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team