XRP Price Analysis for February 8

Bulls keep holding the initiative, according to CoinMarketCap.

XRP/USD

The rate of XRP has increased by 2.37% over the last 24 hours.

On the hourly chart, the price of XRP is testing the local resistance level of $0.5181. At the moment, one should pay attention to the candle’s closure.

If it happens near that mark, the rise may continue to the $0.5250 zone.

Bulls are also powerful on the bigger time frame. However, it is too early to make any distant predictions. Only if the rate gets back to the $0.53 area and fixes above it may midterm growth continue.

On the weekly chart, the price of XRP is rising after a false breakout of the support level of $0.4959. It means that buyers have the chance to seize the initiative. If they manage to do that, there is a possibility to see a test of the $0.54-$0.56 zone soon.

XRP is trading at $0.5156 at press time.

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