XRP Price Analysis for January 2

XRP Price Analysis for January 2

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.

Buyers are trying to seize the initiative as the rates of all the top 10 coins are rising.

Top 10 coins by CoinMarketCap

XRP/USD

The price of XRP has risen by almost 2% over the past 24 hours.

XRP/USD chart by TradingView

On the hourly time frame, the growth of XRP stopped at the recently formed resistance at $0.34569. However, a drop has not happened, which means that buyers are accumulating power for a further move.

If a breakout occurs, the impulse could be enough to reach the $0.35 mark.

XRP/USD chart by TradingView

On the daily chart, the rate is about to close above the support at $0.4360. If that happens, the upward move may continue to the next resistance zone at $0.2550.

XRP/BTC chart by TradingView

A similar situation is on the daily time frame against Bitcoin (BTC). The price has made a false breakout of the support at 0.00001951. If closure happens near the 0.00002084 mark, bulls could seize the initiative and keep up the rise to 0.00002137.

XRP is trading at $0.3465 at press time.

Published at Mon, 02 Jan 2023 21:00:00 +0100

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