The market might not have found a local bottom yet, according to CoinStats.

XRP chart by CoinStatsXRP/USD

The rate of XRP has gone down by 0.33% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of XRP is near the local resistance level of $0.5755.

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If buyers can hold the gained initiative and the bar closes near that mark, one can expect a breakout followed by a move to the $0.59 zone.

Image by TradingView

On the daily time frame, the rate of the altcoin has made a false breakout of yesterday's bar low. If the candle closes far from it, there is a chance of a bounce back to the $0.58-$0.59 range.

Image by TradingView

From the midterm point of view, the price of XRP is far from the key levels. If nothing changes by the end of the week, ongoing sideways trading in the area of $0.54-$0.64 is the more likely scenario.

XRP is trading at $0.5685 at press time.