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XRP Price Analysis for January 31

Price Predictions
Sun, 01/31/2021 - 15:14
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Denys Serhiichuk
Analyzing XRP's chances to fix above the $0.50 mark next week
XRP Price Analysis for January 31
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 cryptocurrency market keeps trading in the green zone even on the last day of the week. XRP is the main leader, going up by 50% over the past 24 hours.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

 Meanwhile, the cryptocurrency market capitalization index keeps locating above the $1 trillion mark.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for XRP today:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $22,527,248,519

  • Price: $0.4962

  • Volume (24h): $33,494,431,471

  • Change (24h): 53.16%

The data is relevant at press time.

XRP/USD: Can the vital $0.50 mark be achieved next week?

XRP has been the fastest growing coin from the top 10 list over the last week. The price growth has accounted for 80% since the previous Sunday.

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

On the hourly chart, XRP is slightly approaching the nearest resistance at $0.51. Such a move is possible as bears are losing their initiative based on declining selling volume.

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

On the 4H time frame, the situation is also bullish as buyers are aiming at $0.55.

Related
BTC, ETH, XRP, ADA, DOT and LINK Price Analysis for January 30

However, there are low chances of breaking it from the first attempt as liquidity is low at current levels; this means that a false breakout is more likely to occur.

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

In the long-term view, buyers may get the rate of XRP to $0.65 if today's candle closes around $0.55. The high trading volume is another reason for continued growth.

XRP is trading at $0.4959 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.