XRP value has dropped by nearly 6% in the past 24 hours.
Looking at the hourly chart, XRP's price appears to have potentially established a local support level around $0.5906. It's essential to monitor the daily closing price.
If the daily closing price significantly deviates from this level, there's a possibility of witnessing a rebound towards the $0.61 range tomorrow.
On a larger time frame, XRP price is heading towards the support level at $0.5870. If the price stabilizes below the $0.60 region, there could be sufficient momentum building up for a potential breakout, leading to a move down to the $0.55 range.
Looking at the medium-term perspective, XRP's price continues to decline following a deceptive breakout above the previous bar's peak. In this scenario, the nearest level where buyers might regain control is the support at $0.5491.
As of the current moment, XRP is trading at $0.5941.
