Does XRP have prerequsites for local growth?

Denys Serhiichuk U.Today

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

XRP/USD

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

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.

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.

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.

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Author

Denys Serhiichuk

U.Today

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

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