The latest data from CoinMarketCap suggests that bulls are attempting to maintain control following a recent market decline.

XRP/USD

In contrast to many other cryptocurrencies, the price of XRP has dropped by 0.40% compared to the previous day.

Despite this, the hourly chart indicates a bullish trend for XRP as it strives to surpass the $0.5789 resistance level. If successful, there is potential for further growth towards the $0.5850 range.

Looking at a larger time frame, XRP experienced a false breakout below the low of yesterday's bar at $0.5669. A significant closure away from this point could lead to a retest of the $0.60-$0.62 range by the week's end.

In terms of the midterm perspective, neither side currently holds a clear advantage as XRP is caught within a broad channel spanning from $0.4590 support to $0.7329 resistance.

Based on this analysis, a scenario of continued sideways trading between $0.55 and $0.65 seems more probable at present.

As of now, the price of XRP sits at $0.5928.