Ripple (XRP) Review and Price Analysis 01.02.2024

Last night, 213 million $XRP (112.5 million $) were hacked. So far, the stolen funds have been laundered through platforms such as MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc.

Chris Larsen (Ripple Co-Founder & Executive Chairman) confirmed the hack.

The news of the hack caused an immediate 5% drop. However, the price quickly recovered afterward.

On the high timeframe, the support levels I’m monitoring are $0.47 and $0.41 respectively. As for resistance, I’m keeping an eye on $0.544 and $0.58 levels. If the price reaches $0.30, I’m considering making some spot purchases. Apart from that, I only engage in margin trading at other levels.

On the lower timeframe, if the price follows the movement I’ve outlined and confirms it on the lower timeframe, I’m considering taking a long position. I believe the price will attempt to clear the wick left at $0.48. It’s crucial for the $0.47 level not to be lost. Losing this support level could lead to a drop towards $0.41.

With yesterday’s news flow, we see both long positions being liquidated and high-leverage short positions being liquidated due to the news.

The analyses shared here are not investment advice; however, they are considered as potential short to medium-term trading opportunities in the market, indicating support and resistance levels. The responsibility for trading decisions and risk management lies with the user. It is strongly recommended to use stop-loss orders in the trades shared.

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