XRP Price Analysis for August 16
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Sellers are controlling the situation at the beginning of the week, according to the CoinMarketCap ranking.
Top coins by CoinMarketCap
XRP/USD
The price of XRP has fallen by 4.87% since yesterday.
Image by TradingView
On the hourly chart, the rate of XRP has set the local support level at $0.5906. If the bar closes in the area around $0.60, one can expect a bounce back to the $0.61 range tomorrow.
Image by TradingView
The opposite can be seen on the daily chart, as the rate is testing the support level again. Thus, the selling volume has increased, which means that buyers are not ready yet to buy XRP at current prices.
In this regard, there is a good possibility of seeing an ongoing decrease to the $0.5850-$0.59 zone.
Image by TradingView
From the midterm point of view, traders should pay attention to the $0.5960 level. If the candle closes below that mark, the decline may continue to the next support zone at $0.56. Such a scenario is relevant until the end of the month.
XRP is trading at $0.5960 at press time.
