The crypto market continues to set new local lows, as reported by CoinStats.
XRP/USD
The rate of XRP has declined by 5.25% over the past day.
On the hourly chart, the price of XRP is near the local support of $2.0872. If a bounce back does not occur by the end of the day, one can expect a level breakout, potentially leading to a drop to the $2 zone.
On a larger time frame, attention should be paid to the closure of the current candle in relation to yesterday’s bar’s low. If the closure happens around that level without a long wick, a correction is likely to continue toward the $1.90-$2 range soon.
From a mid-term perspective, it’s too early to make distant predictions. Currently, XRP is far from key levels.
However, if the psychological area of $2 breaks, there is a possibility of testing the $1.90 mark.
XRP is trading at $2.1188 at press time.
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