Bulls are trying to be back in the game after a correction, according to CoinStats.
XRP/USD
The rate of XRP has increased by 0.23% over the previous day.
On the hourly chart, the price of XRP has made a false breakout of the recently formed support at $0.5647. If the growth continues and the daily bar closes far from that mark, one can expect a test of resistance tomorrow.
A less clear picture is on the daily time frame. The rate is trading within yesterday’s candle. It means that XRP has not accumulated enough energy for a further sharp move.
All in all, sideways trading in the zone of $0.56-$0.58 is the more likely scenario for the upcoming week.
On the weekly chart, one should focus on the candle closure in terms of the level of $0.5491. If it happens far from it, bulls might locally seize the initiative, which can lead to a bounce back to the $0.60 area.
XRP is trading at $0.5691 at press time.
