<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Bulls are trying to be back in the game after a correction, according to <a href="https://u.today/bitcoin-btc-price-analysis-for-january-6">CoinStats</a>.
<img data-entity-type="file" data-entity-uuid="aec0f86f-dd9a-4a75-a0b1-52f369068c80" src="https://u.today/sites/default/files/inline-images/top_4.png">XRP chart by&nbsp;<a href="https://coinstats.app/coins/">CoinStats</a>
<h2 class="text-align-justify" id="xrp-usd">XRP/USD</h2>
The rate of XRP has increased by 0.23% over the previous day.
<img data-entity-type="file" data-entity-uuid="2b402a5e-e68c-4826-8ae9-d85a9ee98426" src="https://u.today/sites/default/files/inline-images/xrp1_122.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/XRPUSD">TradingView</a>
On the hourly chart, the price of XRP has made a false breakout of the recently formed support at $0.5647. If the growth continues and the daily bar closes far from that mark, one can expect a test of resistance tomorrow.
<img data-entity-type="file" data-entity-uuid="eab5f5ba-6c1a-48b1-8a60-64a0863c11d0" src="https://u.today/sites/default/files/inline-images/xrp2_116.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/XRPUSD">TradingView</a>
A less clear picture is on the daily time frame. The rate is trading within yesterday's candle. It means that XRP has not accumulated enough energy for a further sharp move.
All in all, sideways trading in the zone of $0.56-$0.58 is the more likely scenario for the upcoming week.
<img data-entity-type="file" data-entity-uuid="4ecb20dd-c7e3-4514-8af2-fd25cce97750" src="https://u.today/sites/default/files/inline-images/xrp3_111.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/XRPUSD">TradingView</a>
On the weekly chart, one should focus on the candle closure in terms of the level of $0.5491. If it happens far from it, bulls might locally seize the initiative, which can lead to a bounce back to the $0.60 area.
XRP is trading at $0.5691 at press time.

XRP Price Analysis for January 7

Table of Contents

U_Today

Other articles published on Jan 7, 2024

3 tokens to turn $100 into $1500 in January 2024

Nebraska Introduces Bill to Safeguard Fundamental Bitcoin Rights

Investor optimism soars after Federal Reserve’s latest move

Asia's weekly TOP10 crypto news (Jan 1 to Jan 7)

Pullix presale raises over $2.5m, Chainlink and Stellar bullish

Countdown To Spot Bitcoin ETF Approval Begins As Critical Fed Decision Nears

Join our free newsletter for daily crypto updates!