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Bears have turned out to be more powerful than bulls today, according to CoinStats.
XRP/USD
The rate of XRP has declined by 7% over the last 24 hours.
On the hourly chart, the price of XRP is in the middle of the local channel, between the support of $2.4683 and the resistance of $2.5921. If the daily bar closes around the current prices, there are low chances of seeing any sharp moves soon.
On the bigger time frame, the situation is quite similar. The rate of XRP is trading within yesterday’s bar, which means neither buyers nor sellers have seized the initiative yet. In this case, sideways trading in the area of $2.40-$2.70 is the more likely scenario.
From the midterm point of view, traders are unlikely to witness sharp ups or downs shortly. Thus, the volume has declined, confirming the absence of buyers’ or sellers’ energy.
Related
All in all, one can expect consolidation in the range of $2.30-$2.80 by the end of the month.
XRP is trading at $2.54 at press time.