XRP Price Prediction for May 23

XRP Sees Modest Gains as Market Remains Stable

The cryptocurrency market has been setting new local peaks, according to CoinMarketCap data. The price of XRP, in particular, has risen by 0.52% over the last day.

On the hourly chart, the XRP price is currently trading in the middle of a local channel, with support at $2.41 and resistance at $2.4799. As most of the daily average true range (ATR) has been passed and the trading volume remains low, there are low chances of seeing sharp moves by tomorrow.

On the bigger time frame, the XRP price has made a false breakout of yesterday's bar peak. If the candle closes far from the resistance, one can expect a correction to the $2.40 zone.

From a midterm perspective, traders should focus on the weekly bar's closure in terms of the $2.59 level. Until the rate reaches this level, sideways trading around the current prices is the more likely scenario.

At the time of writing, XRP is trading at $2.4326.