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Does XRP have prerequsites for local growth?

Does XRP have prerequsites for local growth?
Denys SerhiichukDenys SerhiichukU.Today

The market has not decided yet which way to move as neither bulls nor bears have seized the initiative.

Chart

XRP/USD

The price of XRP is almost unchanged as it has only gone up 0.22%.

XRP

On the local chart, XRP has started to drop after the breakout of the $0.3287 level. Currently, there are no signals for a fast reversal as the bulls have not accumulated enough power.

The drop can stop if a false breakout of the support level at $0.3199 occurrs.

XRPUSD

On the bigger time frame, XRP is coming back to the support level at $0.3199 against the high volume. If the closure happens around this mark, the ongoing fall may continue to the $0.3150 zone soon.

XRPUSD

On the weekly chart, XRP is located closer to the support level than to the resistance, which means that there are more chances to see a further fall than local growth. The rise may happen only if bulls can return the price above the $0.34 mark and fix there.

XRP is trading at $0.3247 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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