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The cryptocurrency market is falling, according to CoinStats.
XRP/USD
The rate of XRP has dropped by 4.74% since yesterday.
On the hourly chart, the price of XRP has fixed below the local support level of $0.5158. If the situation does not change by the end of the day, the decline may lead to the test of the $0.51 zone tomorrow.
On the bigger time frame, there are no reversal signals yet, which means that there is a good chance of seeing a further drop of XRP to the $0.48-$0.50 range.
Such a scenario is relevant until the end of the week.
From the midterm point of view, the price of XRP has bounced off the $0.55 zone, which means that bears are still more powerful than bulls. If the weekly bar closes below the vital zone of $0.50, traders may expect a test of $0.45.
XRP is trading at $0.5145 at press time.
Dan Burgin
Yuri Molchan
