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XRP Price Analysis for January 5

Has XRP finished its long-term drop so far?

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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 CryptoComes. 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.

If yesterday some coins were in the red zone, today, the situation has improved. All top 10 cryptocurrencies are again under bullish influence.

Top 10 coins by CoinMarketCap
Top 10 Coins by CoinMarketCap

Meanwhile, the total market capitalization index has increased by $25 billion and is now at $867 billion.

Cryptocurrency market capitalization
Cryptocurrency Market Capitalization

The relevant data for XRP is looking the following way:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $10,771,286,212

  • Price: $0.239219

  • Volume (24h): $5,009,268,464

  • Change (24h): 3.98%

The data is relevant at press time.

XRP/USD: Can bulls manage to achieve $0.25 shortly?

Yesterday morning, buyers broke through the two-hour EMA55 level and managed to test the resistance of $0.260 before a weak bearish impulse.

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

However, the recovery failed to continue and, before the end of the day, the pair returned to a narrow sideways corridor at the level of average prices.

👉 MUST READ ETH, XRP, LINK, BCH and DOT Price Analysis for January 3related article image

If the POC indicator line ($0.230) does not keep the pair in consolidation, then the decline may continue to the support of $0.213. In the second half of the week, it may reach the lower border of the $0.17 channel.

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

On the daily time frame, XRP is accumulating power for a rise, which is confirmed by high liquidity at the current levels. If bulls keep the rate of XRP above $0.23, the next target of $0.33 may be attained within the next few days.

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

From the long-term perspective, bulls keep controlling the situation, as they did not allow XRP to fall below $0.20. The selling volume is low, which means that bears have no intention to drop the rate of the altcoin. All in all, the long-term scenario is reaching the mirror level at $0.43 within a few weeks.

XRP is trading at $0.2374 at press time.

 

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Denys Serhiichuk

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@cryptocomes.com