Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Buyers are trying to seize the initiative at the end of the day, according to CoinStats.
XRP/USD
The price of XRP has increased by 0.79% since yesterday.
On the hourly chart, the rate of XRP might have found a local support of $0.4986. If the upward move continues and the daily bar closes near the resistance, the accumulated energy might be enough for a breakout, followed by a blast to the $0.51-$0.52 zone.
A less positive picture can be seen on the daily chart as the price is still far from the support and the resistance. Buyers might start thinking about a possible trend change only if they restore the rate above the $0.52 zone.
However, it might take more than a week for this scenario to come true.
From the midterm point of view, the rate of XRP is in the middle of the wide channel, between the support of $0.41 and the resistance of $0.58. As none of the sides has seized the initiative yet, sideways trading around the $0.50 area is the more likely scenario until mid-September.
XRP is trading at $0.5019 at press time.
Godfrey Benjamin
Arman Shirinyan
Alex Dovbnya
