XRP Price Analysis for January 31

Wed, 31/01/2024 – 16:20

Cover image via www.tradingview.com

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Bears have come back to the game, according to CoinStats.

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XRP chart by CoinStats

XRP/USD

The price of XRP has dropped by 4.14% over the last 24 hours.

Image by TradingView

The price of XRP has made a false breakout of the local support of $0.5023. If the daily candle closes far from this mark, bulls may seize the initiative, which can lead to a test of the interim zone of $0.51.

Image by TradingView

A less positive picture is on the daily time frame. The price of XRP has once again touched the support of $0.5040. 

However, if the bar closes near it and with no long wick, there is a high chacne to see a breakout, followed by a blast to the $0.49 area.

Image by TradingView

A similar situation can be observed on the weekly chart. If nothing changes until the end of the week, the drop may continue to the $0.46-$0.48 range.

XRP is trading at $0.5068 at press time.

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