Is XRP ready for reversal?
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
XRP/USD
The rate of XRP has declined by 1.91% over the last 24 hours.
On the hourly chart, the price of XRP has bounced off the recently formed support at $0.3603. At the moment, one should pay attention to the closure.
If it happens near the middle of the channel, there is a possibility of seeing further growth to the resistance at $0.3667 tomorrow.
On the daily time frame, the situation remains bearish as the rate keeps trading near the level of $0.3546. If buyers want to seize the initiative, they need to restore the price to the $0.40 zone. In another case, traders might see a sharp drop below the mentioned support shortly.
On the weekly chart, the price has once again made a false breakout of the support at $0.3546. Until the rate is above that point, there is a chance to see a bounce back. In this case, the local rise may lead to the test of the $0.37-$0.38 zone soon.
XRP is trading at $0.3628 at press time.
U.Today
