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XRP Price Analysis for January 16

Price Predictions
Sat, 01/16/2021 - 14:53
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Denys Serhiichuk
Has XRP accumulated enough power to conquer the $0.30 mark?
XRP Price Analysis for January 16
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The weekend has begun with the ongoing growth of the cryptocurrency market. Almost all top 10 coins are in the green zone, except for Bitcoin, (BTC) whose rate has gone down by 1%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

In this regard, the dominance rate of Bitcoin (BTC) is slightly reduced and now stands at 67.3%.

BTC’s market share
BTC’s market share

The relevant data for Bitcoin is looking the following way:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $697,573,884,947

  • Price: $37 680.57

  • Volume (24h): $73,176,512,711

  • Change (24h): 1.02%

The data is relevant at press time.

XRP/USD: Fixing above $0.30 by the end of the day?

XRP keeps losing position in the global cryptocurrency ranking. At the moment, the altcoin is located in fifth place after Polkadot (DOT).

XRP/USD chart by TradingView
XRP/USD chart by TradingView

However, the hourly chart is bullish for XRP as bulls have held the $0.27 mark and pushed the price of the coin higher. If liquidity remains at the same level, there are chances of seeing XRP at around $0.30 next week.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

On the bigger time frame, XRP is in the accumulation zone before a potential upward move to the resistance at $0.37. The lines of the MACD indicator are about to switch to green, which will confirm the bullish price action.

Related
BTC, ETH and XRP Price Analysis for January 15

All in all, XRP may reach that level by the end of the current month.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

From the long-term perspective, XRP is located in the sideways trading zone, gathering energy for a price blast. The selling trading volume is low, which means that a growth scenario is more relevant than a decline. If that happens, the level of $0.40 might be attained within a few weeks.

XRP is trading at $0.2882 at press time.

 
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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.