Most of the coins have faced a correction, according to CoinStats.
XRP chart by CoinStatsXRP/USD
The price of XRP has gone down by 3.6%.
Image by TradingView
On the hourly chart, the price of XRP is trading below the local support of $0.5696. As long as the price is below the aforementioned level, the drop may continue to the $0.56 level by tomorrow.
Image by TradingView
On the higher time frame, there are no reversal signals yet. If the daily candle closes near its low, there is a chance of seeing an ongoing drop to the $0.55-$0.56 zone by the end of the week.
Image by TradingView
From the mid-term point of view, the picture remains unchanged. Neither buyers nor sellers have seized the initiative yet. The declining volume confirms such a statement.
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In this regard, ongoing sideways trading in the area of $0.52-$0.60 is the most likely scenario.
XRP is trading at $0.5687 at press time.
