XRP Price Analysis for February 3

Sat, 3/02/2024 – 18:00

Cover image via www.tradingview.com

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The market has not decided which way to move yet as the prices of some coins are falling while others are growing, according to CoinStats.

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XRP chart by CoinStats

XRP/USD

XRP has gained a lot of value today, rising by 4%.

Image by TradingView

On the hourly chart, the rate of XRP has set a local resistance level at $0.5247. If the daily bar closes near it, one can expect a breakout to the $0.53 zone tomorrow.

Image by TradingView

On the bigger time frame, one should pay attention to the candle’s closure. If it happens near the current prices, the upward move may continue to the $0.54 zone shortly.

Image by TradingView

From the midterm point of view, the rate of XRP has made a false breakout of the previous bar low at $0.4959. 

If it closes above the $0.51-$0.52 zone, traders may expect sideways trading between $0.52 and $0.54 until mid-February.

XRP is trading at $0.5225 at press time.

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