U.Today - Coins have returned to the red zone, according to CoinStats.
XRP chart by CoinStats
XRP/USD
The price of XRP has dropped by 1.4% since yesterday.
On the hourly chart, the rate of XRP has made a false breakout of the local support level of $0.5924. If the daily bar closes far from it, traders may expect a test of the resisance of $0.6010 soon.
On the bigger time frame, neither bulls nor bears are dominating. If buyers want to seize the initiative, they need to restore the price of XRP to at least the $0.61 area.
In that case, there might be a chance for a continued upward move to the $0.62-$0.64 range.
From the midterm point of view, sideways trading remains the more likely scenario. In this regard, ongoing consolidation in the wide zone of $0.55-$0.65 is the more likely scenario.
XRP is trading at $0.5932 at press time.
This content was originally published on U.Today
