The nature of the X-ray source RX J1914+24 has been the subject of much debate. It shows a prominent period of 569 sec in X-rays and the optical/infra-red: in most models this has been interpreted as the binary orbital period. We present our analysis of new XMM-Newton and Chandra data. We find a longer term trend in the XMM-Newton data and power at 556 and 585 sec in 5 sets of data. It is not clear if they are produced as a result of a beat between a longer intrinsic period and the 569 sec modulation or if they are due to secular variations. We obtain a good fit to the XMM-Newton spectrum with a low temperature thermal plasma model with an edge at 0.83keV. This model implies an unabsorbed bolometric X-ray luminosity of 1x10^{33} ergs/s (for a distance of 1kpc) - this is 2 orders of magnitude lower than our previous estimate (derived using a different model). If the distance is much less, as the absorption derived from the X-ray fits suggest, then it is even lower at ~3x10^{31} ergs/s.
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