Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bulls are trying to be back in the game after a correction, according to CoinStats.
XRP/USD
The rate of XRP has increased by 0.23% over the previous day.
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.
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.
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.
Source: https://u.today/xrp-price-analysis-for-january-7