XRP Price Analysis for January 24

Price Predictions
Sun, 01/24/2021 - 14:51
article image
Denys Serhiichuk
How long is XRP going to locate in the sideways trend?
XRP Price Analysis for January 24
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.

Read U.TODAY on
Google News

The last day of the week has turned out to be bullish for the cryptocurrency market as all top 10 coins are in the green zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Meanwhile, the market capitalization index has gained $20 billion since yesterday.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for XRP is looking the following way:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $12,428,562,919

  • Price: $0.2748

  • Volume (24h): $2,508,698,187

  • Change (24h): 1.80%

The data is relevant at press time.

XRP/USD: Struggling to reach the $0.30 mark

XRP is looking weaker than the other altcoins as the rate of the crypto has risen by only 1.80% over the past 24 hours.

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

On the hourly chart, XRP is about to rise in the short-term scenario as buyers' power is confirmed by high liquidity. Thus, the selling trading volume is low, which means that potential growth is possible to the local resistance at $0.27955.

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

On the bigger time frame, the bullish scenario also prevails over a drop. The rise is supported by the lines of the MACD indicator that are located in the green zone. Thus, XRP has managed to keep trading in the rising channel.

Related
Bitcoin (BTC) Price Analysis: Is the Effort Enough to Reach $35,000?

In this case, XRP has the chance to reach the zone around $0.29 shortly.

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

On the daily chart, XRP is about to locate in the sideways trend as outlined on the graph in order to accumulate strength for an upcoming rise. Such a statement is confirmed by the high liquidity in that area.

XRP is trading at $0.2729 at press time.

 
article image
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.