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The market might have found a local bottom, as the rates of most of the coins are rising.
XRP/USD
The price of XRP has increased by 0.38% since yesterday.
On the local chart, traders should pay attention to the resistance level of $0.5028. If the daily bar closes above it, growth is likely to continue to the $0.51 area. Such a scenario is relevant until tomorrow.
On the daily time frame, the picture is less clear, as even the today's bullish candle might not be enough for a midterm reversal. Bulls have the chance to get back in the game only if they restore the price to the $0.52 zone. In that case, there is a possibility to expect a test of the resistance soon.
From the midterm point of view, sideways trading continues as the rate of XRP remains in the middle of the wide channel. Furthermore, falling volume confirms that none of the sides is ready yet to seize the initiative. All in all, ongoing consolidation in the range of $0.50-$0.54 is the more likely scenario for the next few weeks.
XRP is trading at $0.5034 at press time.
Alex Dovbnya
Arman Shirinyan
