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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.

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