XRP Price Analysis for February 2

The market might have found a local bottom by now, but the rates of some coins keep falling, according to CoinMarketCap.

$XRP/USD

The price of $XRP has risen by 0.53% over the last 24 hours.

On the hourly chart, the rate of $XRP is trading near the local resistance at $1.6554. Most of the daily ATR has passed, which means there are low chances of seeing sharp moves.

However, if the candle closes not far from the mentioned mark, the upward move may continue to the $1.70 area tomorrow.

On the longer time frame, none of the sides is dominating, as the price of $XRP is far from the main levels. The volume remains low, which means traders are unlikely to witness increased volatility over the next few days.

From the midterm point of view, the situation is similar. Neither buyers nor sellers are controlling the initiative. In this case, sideways trading in the zone of $1.50-$1.75 is the most likely scenario until mid-February.

$XRP is trading at $1.6349 at press time.