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Bulls are losing initiative on the last day of the week, according to CoinMarketCap.
XRP/USD
The price of XRP has declined by 4% over the last day.
On the hourly chart, the rate of XRP has made a false breakout of the local support of $3.1618. If the daily bar closes far from that mark, one can expect a bounce off to the $3.25 zone.
On the bigger time frame, the price of XRP keeps going down after a failed attempt to fix above the $3.3338 level.
As there are no reversal signals yet, ongoing correction remains the more likely scenario.
From the midterm point of view, neither side is dominating as the rate of XRP is far from the support and resistance levels. The volume has dropped, which means traders may expect continued sideways trading in the range of $3-$3.20 within the next week.
XRP is trading at $3.1947 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team