XRP Prediction for August 31

The rates of most cryptocurrencies keep falling, according to CoinMarketCap.

XRP/USD

XRP is an exception, rising by 0.76%.

Despite today’s slight rise, the price of XRP is on the way to test the local support of $0.5646. If a breakout happens, the decline may continue to the $0.56 zone shortly.

On the bigger time frame, buyers have failed to keep up with yesterday’s growth. If the daily bar closes far from its peak, bears may again seize the initiative, which might lead to a correction to the $0.55 range.

Such a scenario is relevant until the end of next week.

From the midterm point of view, one should focus on the weekly candle closure. If it happens below $0.56, there are high chances of an ongoing decline to the $0.52-$0.54 area.

XRP is trading at $0.5667 at press time.

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