Sellers Losing Initiative

According to CoinStats, sellers are losing their initiative.

XRP/USD

The price of XRP has surged by 14.62% today.

On the hourly chart, XRP has established a local resistance at $2.59. Most of the daily ATR has been exceeded, indicating low chances of sharp moves by tomorrow.

Traders should focus on the bar’s closure around the $2.64161 level on a larger time frame. If this occurs or exceeds that level, the accumulated energy could facilitate a test of the $2.80 mark.

The weekly chart presents a less clear picture, as the price of XRP remains distant from support and resistance levels. Overall, a scenario of ongoing consolidation in the range of $2.40-$2.80 appears most likely by the end of the month.

At press time, XRP is trading at $2.5476.