Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bulls could not keep the market growth going for long, and most of the coins have returned to the red zone, according to CoinMarketCap.
XRP/USD
The price of XRP has declined by almost 4% since yesterday.
On the hourly chart, the rate of XRP is in the middle of the local channel between the support of $2.6975 and the resistance of $2.9360.
As most of the daily ATR has passed, there are low chances of seeing sharp moves by tomorrow.
On the longer time frame, the price of XRP has tested the support level of $2.6975. In this case, one should focus on the candle's closure. If it happens far from that mark, traders may expect consolidation in the zone of $3 over the next few days.
A similar picture can be seen from the midterm point of view. As the rate of XRP is far from the key levels, traders should pay attention to the nearest area of $3. If the weekly bar closes below it, the correction is likely to continue to the $2.40-$2.60 range.
XRP is trading at $2.8616 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team