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The bulls could retain the initiative until the end of the day as most cryptocurrencies are back in the red.
XRP/USD
Despite the drop in most coins, the price of XRP is almost unchanged since yesterday.
On the hourly chart, XRP has formed support at $0.34169. Right now the price is bouncing back on it which means bulls are not strong enough for a short-term rally.
If the bar closes below it, the decline could continue into the $0.34 area tomorrow.
On the daily time frame, the price is in the middle of the channel, gathering strength for further moves. If buyers want to take the initiative, they need to restore the price above the $0.35 zone. Only in this case there are chances of a local upward movement.
XRP is feeling slightly more positive on the chart versus Bitcoin (BTC) as the price remains above the support level at 0.00002007. If the bulls can hold the gained initiative, the correction could soon lead to a test of the resistance at 0.00002102.
XRP is trading at $0.3435 at press time.
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