Market Analysis

RIPPLE PRICE ANALYSIS & PREDICTION (January 23) – XRP Resets Back To Three-Month Low Amid Meltdown, Can It Bounce Back? 

Ripple’s XRP has extended bearishness today, registering a total loss of 18% in a month. It is trading near support with no signs of stopping yet. More sell-offs should be expected if the price continues to melt down. 

After cracking below a crucial demand zone over the weekend, XRP further lost grip yesterday and rolled back to its lowest price level in three months during the Asian session today. It appears relatively calm at the moment. 

Looking at the bigger picture, its bearish formation is getting broader by the day due to the ongoing correction across the overall market. 

However, it is trading around its three-month low as the correction continues. We can expect a recovery if the $0.5 level holds firmly. Losing this level will position the market in a more bearish condition until it finds a threshold level for an increase. 

While it is taking a small break on the lower timeframe, the asset may resume bleeding during the New York session. That may cause another dip as the bears continue to dominate. 

Right now, XRP is technically bearish on the daily chart. It may have posted a huge loss in the past month but the price is still up by 28% on a yearly scale. 

XRP’s Key Level To Watch

Source: Tradingview

The closest support level for XRP right now is $0.5. Losing it may activate more sell-off to $473. A lower support level for breakdown is located at $0.45. 

As of now, the buyers are off the market. If they step back, last week’s demand zone of $0.55 and $0.578 (now a supply zone) may be retested as resistance. A break above the resistance line may bring us back to $0.62.

Key Resistance Levels: $0.55, $0.578, $0.624

Key Support Levels: $0.5, $0.473, $0.45

  • Spot Price: $0.50
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: promesaartstudio/123RF // Image Effects by Colorcinch

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