XRP Price Analysis for January 31

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

XRP/USD

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

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.

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.

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.

Source