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XRP Price Analysis for January 31

Tue, 01/31/2023 - 19:30
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Denys Serhiichuk
Has XRP entered correction period yet?
XRP Price Analysis for January 31
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Bulls could not hold the gained initiative at the beginning of the day, and most of the coins returned to the red zone.

Top 10 coins by CoinMarketCap


XRP has followed the drop of Bitcoin (BTC), going down by 0.37%.

XRP/USD chart by TradingView

Despite the fall, the price of XRP is trading near the local resistance level at $0.4023. If buyers' pressure continues and the candle closes around that mark, the breakout may lead to the test of $0.4050 tomorrow.

XRP/USD chart by TradingView

On the daily time frame, the situation is not so clear as the rate of XRP keeps trading in a wide range  between the support at $0.386 and the resistance at $0.4225. If buyers want to keep the rise going, they need to get the rate back to the interim mark of $0.41.

XRP/BTC chart by TradingView

The situation remains bearish on the daily chart against Bitcoin (BTC). However, the price might have found local support at 0.00001701. But it is too early to think about a possible rise as XRP needs more time to accumulate power for that.

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In this case, sideways trading in the area of 0.00001750 might be the more likely scenario.

XRP is trading at $0.4017 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