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The market has quickly changed to red, according to CoinMarketCap.
XRP/USD
XRP is one of the biggest losers today, falling by 4.2%.
On the hourly chart, the rate of XRP has made a false breakout of the local support of $2.8495.
If the bounce back does not happen and the daily candle closes around the current prices or below them, the decline is likely to continue to the $2.80 mark.
On the longer time frame, the picture is rather more bearish than bullish. If bulls cannot seize the initiative until the end of the day, there is a high chance of seeing a test of the $2.7387 support shortly.
From the midterm point of view, the situation is similar. If a breakout of the support happens, the accumulated energy might be enough for a test of the $2.50 area.
XRP is trading at $2.8785 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team