The rates of most cryptocurrencies keep falling, according to CoinMarketCap.
Top coins by CoinMarketCapXRP/USD
XRP is an exception, rising by 0.76%.
Image by TradingView
Despite today's slight rise, the price of XRP is on the way to test the local support of $0.5646. If a breakout happens, the decline may continue to the $0.56 zone shortly.
Image by TradingView
On the bigger time frame, buyers have failed to keep up with yesterday’s growth. If the daily bar closes far from its peak, bears may again seize the initiative, which might lead to a correction to the $0.55 range.
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Such a scenario is relevant until the end of next week.
Image by TradingView
From the midterm point of view, one should focus on the weekly candle closure. If it happens below $0.56, there are high chances of an ongoing decline to the $0.52-$0.54 area.
XRP is trading at $0.5667 at press time.
