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XRP Price Analysis for February 8

Wed, 02/08/2023 - 18:00
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Denys Serhiichuk
Has XRP found local bottom yet?
XRP Price Analysis for February 8
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The rates of most of the coins keep trading in the green zone today.

Top coins by CoinMarketCap


The rate of XRP has increased by 1.02% over the last 24 hours.

XRP/USD chart by TradingView

On the hourly chart, the price of XRP has approached the local support level at $0.3988. If the candle fixes around it with no wicks or even below that mark, bears can seize the initiative and drop the rate to the $0.395 zone.

XRP/USD chart by TradingView

The situation is unclear on the daily time frame as the price has made a false breakout of the $0.4050 mark. This means that XRP is not ready enough for further growth. Respectively, the drop to the nearest support at $0.3860 can happen within a few days if buyers cannot seize the initiative.

XRP/BTC chart by TradingView

XRP keeps accumulating power on the daily chart against Bitcoin (BTC) as the volume continues to decline. One can think about a potential rise only if the rate gets back at least to the middle of the channel, around the 0.00001760 mark.

XRP is trading at $0.3989 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at