Bears have turned out to be more powerful than bulls, impacting the XRP rate, which has declined by 7% over the last 24 hours.
XRP Price Decline
The XRP rate has decreased by 7% over the last 24 hours. According to CoinStats, the current price is situated in the middle of a local channel between the support at $2.4683 and resistance at $2.5921.
Short-term Analysis
On the hourly chart, the position of the XRP price indicates a low probability of sharp movements if the daily bar closes around the current levels. The price remains within yesterday's bar.
Mid-term Forecast
From a mid-term perspective, sharp ups or downs are unlikely to occur soon. Trading volume has decreased, confirming low activity from both buyers and sellers. Consolidation within the range of $2.30-$2.80 is expected by the end of the month.
At the time of writing, XRP is trading at $2.54. Consolidation within the mentioned range is likely in the near future.
