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.
Buyers are holding the initiative, according to the CoinMarketCap data.
Top coins by CoinMarketCap
XRP/USD
The price of XRP has increased by 0.30% over the last 24 hours.
Image by TradingView
Despite the modest increase, XRP’s price appears to be bearish on the hourly chart. The price is approaching recently formed support at $0.52015. If the daily candle closes below this level, the price may decline to the $0.51 area shortly.
Image by TradingView
On a larger time frame, the outlook remains bearish as the current bar is set to close below yesterday’s low. If this occurs, there is a high likelihood that the price will test the $0.50 range by the end of the month.
Image by TradingView
From a medium-term perspective, XRP’s rate is situated mid-range within a broad channel, accumulating energy for a significant move. Declining volume confirms that the altcoin is not yet poised for either growth or decline.
In summary, consolidation within the $0.50-$0.54 range appears to be the most likely scenario for the coming weeks.
XRP is trading at $0.5172 at press time.