Vijesti Analize XRP May Bounce Back in February

XRP May Bounce Back in February

January 29, 2024 Analize
BITmarkets | XRP May Bounce Back in February

XRP is the 6th largest cryptocurrency by market capitalization, currently worth a little over the half-dollar valuation after enduring a slight fall over the past week.

Once a fan-favorite, XRP is not enjoying sharp price growth like other major cryptocurrencies are, including Bitcoin, Solana and Cardano.

Its slow & steady rise highlights Ripple's solid project, however, the technical side may say otherwise.

XRP10

XRPUSD - 1 Day Time Frame

XRP's price behavior on the 1-day time frame shows the formation of the well-known reversal pattern, coined head and shoulders.

For the first time since January of 2023, XRP's price is currently trading below the robust trend line, hence, it would be important to keep an eye out for XRP's price movement in February.

Next month, the cryptocurrency may grow but could be subject to a drop of up to 70%, corresponding to the head height, as an adverse scenario.

Yet, if the macroeconomic environment is positive and Ripple's fundamentals remain robust, XRP is poised to bounce higher in February.

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