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Bears became more powerful than bulls since yesterday, as all of the top 10 coins are in the red zone, according to CoinMarketCap.
XRP/USD
XRP is one of the biggest losers today, falling 6.22%.
On the hourly chart, the rate of XRP is testing the local support of $2.4871. If its breakout occurs, the decline is likely to continue to the $2.40 mark by tomorrow.
On the longer time frame, the price of XRP keeps going down after a false breakout of the resistance of $2.6624.
If the daily bar closes below the interim level of $2.50, traders may witness a test of the $2.40 zone soon.
From the midterm point of view, one should focus on the candle's closure in terms of the $2.6624 level. If the weekly bar closes far from that mark, the correction is likely to continue to the $2.20-$2.30 range.
XRP is trading at $2.4884 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team