Buyers do not seem ready for a midterm rise yet, according to CoinStats.
XRP chart by CoinStatsXRP/USD
The price of XRP has dropped by 8.71% since yesterday.
Image by TradingView
On the hourly time frame, the rate of XRP is trading within the narrow range between the support of $0.5394 and the resistance of $0.5490. If buyers lose the interim level of $0.5450, the drop may lead to a test of the $0.54 area tomorrow.
Image by TradingView
Today's fall has not affected the overall technical picture on the daily chart. Currently, the price is far from the key levels, which means any sharp moves are unlikely to happen soon.
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All in all, sideways trading in the area of $0.53-$0.56 is the more likely scenario for the next few days.
Image by TradingView
From the midterm point of view, one should focus on the weekly bar closure in terms of the support level of $0.5140. If it happens near that mark, the accumulated energy might be enough for a breakout to the $0.46-$0.50 area.
XRP is trading at $0.5433 at press time.
