Recent data indicates that sellers are becoming more dominant in the market, impacting the price dynamics of XRP.
Current Market Situation for XRP
The price of XRP has fallen by 2.12% over the last day. However, on the hourly chart, the rate is rising after a false breakout of the local support at $3.0646. If buyers' pressure continues, a test of the resistance can be expected by tomorrow.
Analysis of XRP Daily Chart
On the daily time frame, the price of XRP is far from the main levels. The trading volume is low, suggesting that sharp movements are unlikely to occur shortly.
Midterm Forecasts for XRP
From a midterm perspective, traders should focus on the closure of the current candle. If it closes near its peak, the upward move is likely to continue to the $3.50 mark and above. At press time, XRP is trading at $3.23.
Sellers continue to exert significant influence on the XRP market, yet there remains potential for growth if support holds and buying activity resumes.
