Technical Analysis for XRPUSD for 31st January 2023
Ripple Bulls Find Resistance at $0.42, Drops 8%
Past Performance of XRP
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
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