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A new week has started with the market correction, according to CoinMarketCap.
XRP/USD
The price of XRP has declined by 0.8% over the last 24 hours.
On the hourly chart, the rate of XRP is falling after a breakout of the local support of $3.2319. If the daily bar closes far from that mark, the correction is likely to continue to the $3.10 zone.
On the longer time frame, bulls have failed to keep rising after yesterday's bullish closure.
If the candle closes around the current prices, traders may witness a test of the $3 zone by the end of the week.
From the midterm point of view, it is too early to make any long-term predictions. In this case, one should focus on the nearest area of $3. If the weekly bar closes below it, sellers may come back to the game, followed by the ongoing decline to the $2.80 zone.
XRP is trading at $3.1569 at press time.
Vladislav Sopov
U.Today Editorial Team