❄️ With the drop in temperature and the arrival of freezing temperatures, it seems that the market has been affected by the weather a little as well. I hope everyone is doing well, I'll keep this short and quick, thank you for being here, I appreciate everyone as always.
❄️ Price movement: Currently we have a bearish sentiment and a lot of volatility is happening with prices ranging between $1.50-1.55 representing approximately 5% in the last 24 hours
❄️ Key support/resistance: A critical breakdown occurred below $1.60, making $1.50–$1.54 the immediate support area to watch. Resistance is now established around $1.60–$1.62. The downward channel is still playing a role as well and is not helping matters.
❄️ Technical indicators: Daily technical indicators show a sell signal, with most of our moving averages currently pointing downward. However, the bears remain in control until we see an improvement in the Relative Strength Index (RSI) and those moving averages converge again.
❄️ Downtrend: After our 16% drop in late January below the $2.00 mark, the trend remains bearish for February, which historically has been a tough month for XRP and cryptocurrencies as previous years have shown.
❄️ Market sentiment: Market sentiment remains extremely volatile and the market does not seem very confident at the moment, especially after the brief partial government shutdown. In the short term, we might see a rebound as we approach the oversold territory. However, if Bitcoin and the market can't gain control, we could face lower support levels like $1.22 if the current support fails.
❄️ Catalysts: The decline is largely driven by broad selling in the market rather than specific news related to XRP. Bitcoin itself has dropped to $75,400, representing a 14% decline over the week, with Ethereum down nearly 24% to $2,290 late on Tuesday.
❄️ Continued catalyst: Another significant factor was the nomination of Kevin Warsh as the new chair of the Federal Reserve, leading to the sell-off. Silver itself dropped over 30% on January 30, 2026, from $118 to an astonishing $76.71. Gold also fell from $5,443 to $4,732, indicating that this was not limited to cryptocurrencies but that we were pulled down by the market.
❄️ To remember: We know that February is a somewhat bearish month and we are still struggling with this downward channel and our moving averages, so it's best to monitor the support level at $1.50 and $1.22-$1.23 if we slide further, but we hope the market eases as we move with the clarity law.
❄️ As always, thank you for joining me, I appreciate it and let's continue to give our best this new year. Thank you and I wish you all the best until next time.
Best regards,