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Ripple Price Prediction: XRP/USD Locked in the Range; Price May Escalate Above $0.50 Soon

XRP Price Prediction – February 3

For the past few days, Ripple (XRP) has been unable to develop the upside momentum above $0.24.

XRP/USD Market

Key Levels:

Resistance levels: $0.52, $0.54, $0.56

Support levels: $0.27, $0.25, $0.23

XRPUSD – Daily Chart

XRP/USD touches the area above $0.40 at the opening of the market today, but failed to hold the ground and retreated quickly towards $0.36 by the time of writing. Nevertheless, the Ripple (XRP) has stayed mostly unchanged both on a day-to-day basis and since the beginning of today. XRP/USD now remains at a tight range that limited its bullish movements since yesterday.

What is the Next Direction for Ripple?

If the bulls manage to keep the market above the moving averages; they may soon find the resistance at $0.52, $0.54, and $0.56 levels. Meanwhile, if the market begins to experience the bearish movement, it may likely hit the nearest support below the 9-day and 21-day moving averages and a further drop could pull the market to $0.27, $0.25, and $0.23 supports. Meanwhile, the technical indicator RSI (14) for XRP/USD is slowly moving below the 55-level, suggesting more bullish signals into the market.

Against Bitcoin, XRP is still trading on the downside, although the price action has remained intact around the 9-day and 21-day moving averages. Meanwhile, if the selling pressure persists, the Ripple price variation may likely create a new low in the next coming trading days.

XRPBTC – Daily Chart

For now, the technical indicator RSI (14) is seen moving around the 50-level; traders may continue to see a negative move in the market soon and they can as well expect close support at the 750 SAT by breaking below the moving averages to hit the critical support of 600 SAT and below. If a bullish move occurs and validates a break significantly above the upper boundary of the channel; traders may confirm a bull-run for the market and the closest resistance levels are located at 1500 SAT and above.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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