XRP Price Analysis for August 6
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Buyers could not hold the initiative for long as most of the coins are in the red zone again.
Top coins by CoinMarketCap
XRP/USD
The rate of XRP has risen by 0.28% over the last 24 hours.
Image by TradingView
Despite the slight rise, the rate of XRP is looking bearish on the local chart, as the price is about to fix below the support at $0.6265. If buyers cannot seize the initiative, the drop may continue to the $0.62 area tomorrow.
Image by TradingView
A similar situation is on the daily time frame, as the rate is returning to the level formed by a false breakout. If the price fixes below $0.6242, traders are likely to see a further downward move to the $0.59 area.
Such a scenario is relevant until mid-August.
Image by TradingView
On the weekly chart, one should pay attention to the mirror level at $0.5848. If a bounce back happens, buyers might locally seize the initiative, which could lead to a rise to the $0.65 range.
XRP is trading at $0.6238 at press time.
