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XRP Price Analysis for January 31

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Bulls could not hold the gained initiative at the beginning of the day, and most of the coins returned to the red zone.

Top 10 coins by CoinMarketCap

XRP/USD

XRP has followed the drop of Bitcoin (BTC), going down by 0.37%.

XRP/USD chart by TradingView

Despite the fall, the price of XRP is trading near the local resistance level at $0.4023. If buyers’ pressure continues and the candle closes around that mark, the breakout may lead to the test of $0.4050 tomorrow.

XRP/USD chart by TradingView

On the daily time frame, the situation is not so clear as the rate of XRP keeps trading in a wide range  between the support at $0.386 and the resistance at $0.4225. If buyers want to keep the rise going, they need to get the rate back to the interim mark of $0.41.

XRP/BTC chart by TradingView

The situation remains bearish on the daily chart against Bitcoin (BTC). However, the price might have found local support at 0.00001701. But it is too early to think about a possible rise as XRP needs more time to accumulate power for that.

In this case, sideways trading in the area of 0.00001750 might be the more likely scenario.

XRP is trading at $0.4017 at press time.

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