XRP Price Analysis for January 7

7 January 2024

in XRP

Reading Time: 2 mins read

Read U.TODAY on

Google News

Bulls are trying to be back in the game after a correction, according to CoinStats.

XRP chart by CoinStats

XRP/USD

The rate of XRP has increased by 0.23% over the previous day.

Image by TradingView

On the hourly chart, the price of XRP has made a false breakout of the recently formed support at $0.5647. If the growth continues and the daily bar closes far from that mark, one can expect a test of resistance tomorrow.

Image by TradingView

A less clear picture is on the daily time frame. The rate is trading within yesterday’s candle. It means that XRP has not accumulated enough energy for a further sharp move.

All in all, sideways trading in the zone of $0.56-$0.58 is the more likely scenario for the upcoming week.

Image by TradingView

On the weekly chart, one should focus on the candle closure in terms of the level of $0.5491. If it happens far from it, bulls might locally seize the initiative, which can lead to a bounce back to the $0.60 area.

XRP is trading at $0.5691 at press time.

About the author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.

Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.