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The weekend has started bearish for the market, according to CoinMarketCap.
XRP/USD
The price of XRP has declined by 2.13% since yesterday.
On the hourly chart, the rate of XRP is in the middle of the local channel between the support of $0.5080 and the resistance of $0.5265.
The volume keeps falling, which means any sharp ups or downs are unlikely to happen by the end of the day.
On the daily time frame, traders should pay attention to the bar closure. If it happens near or below the support level of $0.5137, the drop is likely to continue to the next vital zone of $0.50 soon.
From the technical point of view, the weekly bar is about to close bearish. If bulls cannot seize the initiative, there is a possibility to see a test of the $0.45-$0.50 area at the beginning of the next month.
XRP is trading at $0.5148 at press time.
Vladislav Sopov
Godfrey Benjamin
Yuri Molchan
