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The market has entered a correction phase, according to CoinStats.

XRP/USD

The rate of XRP has fallen by 4.6% over the last day.

On the hourly chart, the price of XRP is looking bullish as the rate is on the way to test the resistance level. If buyers can hold the gained initiative, there is a chance of a breakout followed by a move to the $0.58 zone.

A less clear picture is on the daily time frame. However, the price is far from support.

In this case, sideways trading in the narrow range of $0.56-$0.58 is the more likely scenario for the next days.

A similar picture is on the weekly chart. As neither side has seized the initiative, traders can expect an ongoing consolidation around $0.55.

XRP is trading at $0.5742 at press time.