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Bears have seized the initiative in the middle of the week, according to CoinStats.
XRP/USD
The price of XRP has fallen by 3.61% over the last 24 hours.
On the hourly chart, the rate of XRP has made a false breakout of the local support of $2.2237. However, if the daily bar closes around that mark or below it, the correction may continue to the $2.20 area.
On the bigger time frame, the situation is also bearish. Traders should focus on the bar's closure in terms of the $2.2223 level.
If its breakout occurs, the accumulated energy might be enough for a move to the $2.15-$2.20 range.
From the midterm point of view, bulls have failed to keep the rise going after the previous bullish candle's closure. However, the rate of XRP remains far from the key levels which means there are low chances of seeing sharp moves soon.
XRP is trading at $2.2326 at press time.
Vladislav Sopov
U.Today Editorial Team