XRP Price Analysis for January 7
Bulls are attempting to regain control after a recent correction, as reported by CoinStats.
XRP/USD
The price of XRP has seen a slight increase of 0.23% compared to the previous day.
On the hourly chart, XRP experienced a false breakout below the support level at $0.5647. If the current growth continues and the daily bar closes far from that level, it could indicate a potential test of resistance in the near future.
Looking at the daily timeframe, the picture is less clear. XRP is currently trading within the range of yesterday’s candle, suggesting a lack of significant momentum for a sharp movement.
Overall, it is more likely that XRP will continue sideways trading within the range of $0.56-$0.58 in the coming week.
On the weekly chart, it is important to monitor the candle closure relative to the $0.5491 level. If the closing happens far from that level, it could provide an opportunity for bulls to take control in the short term, potentially leading to a bounce back towards the $0.60 area.
As of now, XRP is trading at $0.5691.