XRP’s performance on August 11 saw a bullish start followed by bearish pressure, leading to a decline of 3.71% since the previous day. However, over the past week, XRP had managed to experience a 5.62% price increase. The hourly chart indicated that XRP was establishing new local lows, and if it closed below the support level of $0.5760, further correction towards the $0.56 range could be anticipated.
Sellers were also exerting influence on the daily time frame, with attention drawn to the interim level of $0.5656. If a breakout occurred, it was likely that the downward momentum could continue towards the $0.55 area. On the weekly time frame, XRP remained distant from support and resistance levels.
Considering the lack of dominance from either buyers or sellers, it was expected that sideways trading would persist within the wide range of $0.56-$0.66 until the end of the month. As of press time, XRP was trading at $0.5756.