XRP Price Analysis for October 7

Buyers are trying to seize the initiative at the beginning of the weekend, according to CoinStats.

XRP/USD

The rate of XRP has risen by 0.44% since yesterday.

Despite the slight rise, the rate of XRP is looking bearish on the hourly chart as the price is on the way to testing the support of $0.5211. If the situation does not change by the end of the day, the breakout may lead to a drop to the $0.52 zone soon.

On the daily time frame, the rate of XRP has not changed since yesterday as neither side has seized the initiative so far.

In this case, ongoing consolidation in the area of $0.52-$0.53 is the more likely scenario for the next few days.

A similar situation is on the bigger chart as the rate of XRP is trading within the previous weekly candle. The low volume confirms that traders are unlikely to expect a sharp move soon.

XRP is trading at $0.5221 at press time.

Source