XRP Price Analysis for February 8
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The rates of most of the coins keep trading in the green zone today.
XRP/USD
The rate of XRP has increased by 1.02% over the last 24 hours.
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.
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 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.
