As the beginning of the new year brings renewed optimism and a reset of the trader’s sentiment, this period might provide a potential opportunity for traders to seek out potential investments.
XRP (XRP), ranked the sixth-largest cryptocurrency by market capitalization, emerges as a top pick for investment. During this period, market trends often exhibit a bullish sentiment, influenced by factors such as an overall optimistic outlook for the beginning of the year.
What substantiates this claim? In addition to its existing market standing, XRP demonstrates the potential for continued expansion, driven by technological advancements, acceptance by financial institutions, or positive regulatory developments of Ripple, the closely affiliated company with XRP.
XRP price prediction for January 31. Source: CoinCodex
The algorithms project that XRP will increase to $0.664180 by the end of January, representing a 4.73% increase from the current asset price at publication.
XRP price analysis
Based on a recent analysis, XRP has formed a potentially significant bull flag on the monthly chart, tracing its peak of $3.84 in 2018. Despite encountering challenges like the 2020 SEC lawsuit hindering its price recovery, XRP’s overall performance has led to the emergence of this notable bullish pattern.
XRP moving averages chart. Source: TradingView
This emergence has led to the subsequent breaking of the resistance zone of XRP, which was set at $0.650, per an X post from this crypto news reporter XRP Whale on December 28.
$XRP BROKE RESISTANCE! PUMPING HARD! ? GO!#XRP ?? pic.twitter.com/Dq0erm8fXs
— XRP whale (@realXRPwhale) December 28, 2023At the time of press, XRP was trading at $0.63361, representing a decrease of -0.22% in the previous 24 hours. These losses come after a week when this crypto added 1.55% of its value, adding to a 3.63% increase over the 30 days.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
