According to CoinMarketCap, the weekend has started bullish for most cryptocurrencies. Let's delve deeper into the current state and prospects for XRP.
Current Market Situation
Over the past 24 hours, the XRP rate has risen by 3.32%, indicating growing interest in this cryptocurrency. On the hourly chart, the price has set a local resistance level at $0.5925. Given that most of the daily ATR has passed, further upward movement is unlikely.
Key Resistance and Support Levels
On larger time frames, attention should be paid to the bar closure at the $0.5845 level. If the candle closes above this level, growth may continue to the $0.60 zone. However, the most likely scenario is consolidation in the narrow range of $0.58-$0.59 until tomorrow.
Mid-term Expectations
From a mid-term perspective, the XRP rate is gathering energy for a sharp move. The volume has declined, indicating that neither side has taken the initiative yet. Overall, ongoing sideways trading in the $0.55-$0.65 range is the more likely scenario.
At the time of writing, XRP is trading at $0.5868. Current consolidation might continue for a few days, providing grounds to expect possible changes in the near future.
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