XRP Price Analysis for January 16

Buyers could not get back in the game yet, according to CoinStats.

XRP/USD

The rate of XRP has declined by 0.47% over the past 24 hours.

On the hourly chart, the price of XRP is in the middle of the channel, between the support of $0.5711 and the resistance of $0.5783.

However, if buyers lose the $0.54 zone, there is a possibility to see a test of the $0.57 area shortly.

A similar picture can be seen on the daily time frame. However, here, one should pay attention to yesterday’s candle’s low at $0.5686. If the bar closes below that mark, the correction may continue to the $0.56 range soon.

From the midterm point of view, it is early to make any distant price predictions, as many days remain until the bar’s closure. But if the candle closes around the current prices, sideways trading between $0.54-$0.58 is the more likely scenario until the end of the month.

XRP is trading at $0.5728 at press time.

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