XRP Price Prediction – January 31
XRP/USD has rebound northward from a range-trading line been experienced barely over a month. A spike that occurred yesterday signaled bright opportunities for buying pressures.
Resistance levels: $0.60, $0.70, $0.80
Support levels: $0.30, $0.25, $0.20
XRPUSD – Daily Chart
The January 30 bullish candlestick signals a clear-cut for decent resurface of a bullish XRP/USD market trend. Today, the trend continues to increase in a stead-pace manner. The smaller 14-day SMA trend-line now points towards the north below the bigger 50-day SMA. Like wisely, the Stochastic Oscillators have moved northbound. Yet, they point towards the north direction. All of, signify that buying pressures are ongoing with strong forces.
Will XRP/USD’s value keep hold for long over the $0.30 mark?
A bullish candlestick that occurred yesterday stands to be the determinant yardstick should the current upsurge in the XRP/USD market has to prolong further. As at the time of writing, price trades around $0.50 value with a good myth of pushing more to the north. The market resistance levels around $0.60 and $0.70 may not easily trade past in the near sessions. Nevertheless, a forceful breakout of the two points will allow the crypto-economy to revisit a previous resistance built-up around $0.80 high value.
At the trading-zone of the $0.80 mark, bears may be trying to checkmate bulls’ strength. That way, a size-able bearish candlestick needs to form. On the contrary, buyers may take a short breath to push sustainably beyond the previous high in the next trading cycles during a volatile price move.
XRP/BTC Price Analysis
Comparing price-moves of XRP with BTC, the counter-crypto is gradually losing weight to the base-crypto. A bullish candlestick has occurred and, it is expected to lead to crossing of the 50-day SMA trend-line by the 14-day SMA’s from the below to the north. Therefore, a bullish trend will form in favor of the base crypto. The Stochastic Oscillators are pointing northbound closer below range 80. That’s a signal that the base-crypto is on the verge of gaining more strength at the expense of the counter-crypto’s weaknesses currently in the market. The base instrument may continue to appreciate in the next trading days’ sessions.
Remember, all trading carries risk. Past performance is no guarantee of future results.