Blog

Technical Analysis for XRPUSD for 31st January 2023

Ripple Bulls Find Resistance at $0.42, Drops 8%

Past Performance of XRP

Ripple prices dropped from January and Q1 2023 highs on January 30. The coin is down eight percent from the liquidation level at around $0.42. Following yesterday's losses, XRP prices are back to the middle BB in a retest to the dynamic support. For the uptrend to remain valid, prices must hold steady above the $0.38 and $0.40 zone.

Ripple Technical Analysis

Bears are, from a top-down preview, in charge, per the formation in the daily chart. The immediate support is $0.42, marking December 2022 highs.

If buyers are to be in control, there must be a sharp, high volume close above last week's highs. However, if buyers fail, there will be a double top, and yesterday's bearish engulfing bar may define the short term. XRP bears may force the coin to $0.36 and $0.34 in a retracement that may heap more pressure on buyers.

What to Expect from XRP

For XRP to retest H2 2022 highs at $0.55, the immediate liquidation line at $0.42 must be broken with expanding volumes. Failure might trigger a sharp sell-off, swinging price action back to bearish territory after welcomed gains from mid-January 2022.

Resistance level to watch: $0.42

Support level to watch: $0.38

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions?

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18.