XRP News Today: XRP Drops 3.61% as Bears Dominate Market

Bears have taken control of the market in the middle of the week, according to CoinStats. The price of XRP has fallen by 3.61% over the last 24 hours, currently trading at $2.2326. On the hourly chart, the rate of XRP has made a false breakout of the local support of $2.2237. However, if the daily bar closes around that mark or below it, the correction may continue to the $2.20 area. On the bigger time frame, the situation is also bearish. Traders should focus on the bar's closure in terms of the $2.2223 level. If its breakout occurs, the accumulated energy might be enough for a move to the $2.15-$2.20 range. From the midterm point of view, bulls have failed to keep the rise going after the previous bullish candle's closure. However, the rate of XRP remains far from the key levels which means there are low chances of seeing sharp moves soon.

According to the analyst's forecast, the price of XRP is expected to continue its downward trend in the near future. The bearish sentiment in the market has led to a decrease in the price of XRP, and the false breakout of the local support level has further weakened the bullish momentum. The price of XRP is likely to continue to fall in the short term, and traders should be cautious when investing in XRP. However, the price of XRP remains far from the key levels, which means there are low chances of seeing sharp moves soon. Traders should focus on the bar's closure in terms of the $2.2223 level, as a breakout below this level could lead to a further decline in the price of XRP.