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The correction continues on the cryptocurrency market, according to CoinMarketCap.
XRP/USD
The rate of XRP has declined by 0.61% over the last 24 hours.
On the hourly chart, the price of XRP keeps falling as it is testing the local support level of $0.4835. If the daily bar closes near this mark or below it, the drop is likely to continue to the $0.48 zone.
On the daily time frame, the picture is also bearish. The rise has returned to the level formed by the false breakout.
Denys SerhiichukIf buyers cannot seize the initiative, the accumulated energy might be enough for a dump to $0.46. Such a scenario is relevant until the end of the week.
From the midterm point of view, one should pay attention to the vital zone of $0.50. If the weekly candle closes far from it, there is a high chance to see a test of the $0.40 area until the end of the month.
XRP is trading at $0.4837 at press time.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov