XRP Faces Potential Continued Correction Amid Declining Momentum and Sideways Trading Expectations

• XRP has made a false breakout of the local support at $3.1618.

• The price is currently trading at $3.1947.

• Traders anticipate a bounce back to the $3.25 zone if the daily bar closes favorably.

XRP’s price has dropped by 4% recently, indicating a market correction. Traders expect sideways trading in the coming week.

What is the Current Status of XRP?

The current status of XRP shows a decline of 4% over the last day, trading at $3.1947. This decline follows a false breakout of the local support level at $3.1618.

Why is XRP Experiencing a Price Decline?

XRP’s price decline can be attributed to a lack of reversal signals, suggesting that ongoing correction is more likely. The volume has decreased, indicating potential sideways trading in the range of $3.00 to $3.20 in the upcoming week.

Frequently Asked Questions

What is the expected trading range for XRP?

The expected trading range for XRP is between $3.00 and $3.20 in the coming week, as traders anticipate sideways movement.

How has XRP performed recently?

XRP has experienced a 4% decline recently, indicating a correction in the market. This performance is reflective of broader market trends.

Key Takeaways

• XRP is currently trading at $3.1947: This reflects a 4% decline over the last day.
• Market correction is ongoing: Lack of reversal signals suggests continued downward pressure.
• Sideways trading expected: Traders anticipate movement within the $3.00 to $3.20 range in the upcoming week.

Conclusion

In summary, XRP’s recent price decline highlights ongoing market corrections, with the current trading level at $3.1947. Traders should remain vigilant as the market stabilizes, with expectations of sideways trading between $3.00 and $3.20.

• Bulls are losing initiative on the last day of the week, according to CoinMarketCap.

• The price of XRP has declined by 4% over the last day.

• As there are no reversal signals yet, ongoing correction remains the more likely scenario.

XRP/USD Analysis

The price of XRP has declined by 4% over the last day. On the hourly chart, the rate of XRP has made a false breakout of the local support of $3.1618. If the daily bar closes far from that mark, one can expect a bounce off to the $3.25 zone.

On the bigger time frame, the price of XRP keeps going down after a failed attempt to fix above the $3.3338 level. From the midterm point of view, neither side is dominating as the rate of XRP is far from the support and resistance levels. The volume has dropped, which means traders may expect continued sideways trading in the range of $3-$3.20 within the next week.

XRP is trading at $3.1947 at press time.