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XRP Price Analysis for February 8

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Thu, 8/02/2024 - 15:32
XRP Price Analysis for February 8
Cover image via www.tradingview.com

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Bulls keep holding the initiative, according to CoinMarketCap.

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XRP/USD

The rate of XRP has increased by 2.37% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of XRP is testing the local resistance level of $0.5181. At the moment, one should pay attention to the candle's closure. 

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If it happens near that mark, the rise may continue to the $0.5250 zone.

Image by TradingView

Bulls are also powerful on the bigger time frame. However, it is too early to make any distant predictions. Only if the rate gets back to the $0.53 area and fixes above it may midterm growth continue. 

Image by TradingView

On the weekly chart, the price of XRP is rising after a false breakout of the support level of $0.4959. It means that buyers have the chance to seize the initiative. If they manage to do that, there is a possibility to see a test of the $0.54-$0.56 zone soon.

XRP is trading at $0.5156 at press time.

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