XRP Price Analysis – January 23

  • The XRP price forms a price block at the $0.32 price level.
  • On the downside, if the crypto's price is resisted by the EMAs, the crypto will continue its range-bound movement.

Ripple, XRPUSD, CryptoCompare chartXRP Chart By Trading View

XRPUSD Medium-term Trend: Ranging

  • Resistance Levels: $0.56, $0.58, $ 0.60
  • Support Levels: $0.30, $0.28, $0.26

The XRP price is now fluctuating below and above the support level at $0.32 price level. The moving averages are now resisting the price movement. On January 20, the crypto’s price dropped to the low of $0.32 and commenced a range bound movement at the support level. The following day the bulls took price to the high of $0.32 which was resisted by the 12-day EMA.

On January 22, the bulls were also resisted by the 26-day EMA as the crypto’s price traded at the $0.32 price level. The crypto’s price is below the EMAs and it is ranging at the $0.32 price level in the last four days.The blue band of the stochastic is pointing downward indicating that the price is likely to fall. The moving averages are also pointing downward.

If the bulls break the EMAs and the price is sustained above it, the XRP price will reach the highs of $0.34 and $0.40. On the other hand, if the price is resisted by the EMAs, the range-bound movement will continue.

XRPUSD Short-term Trend: Ranging

Ripple, XRPUSD, CryptoCompare chartXRP Chart By Trading View

On the 1-hour chart, the XRP price is in the sideways trend zone. On January 20, the bears brought price to its low at $0.32. The XRP price had been trading in the support zone in the last four days. The crypto’s price block at the $0.32 price level seems to be unending. Meanwhile, the stochastic indicator is below the 40% range which indicates that the crypto is in a bearish momentum and a sell signal.

Also, the XRP price is below the 12-day EMA and the 26-day EMA which indicates that the crypto is in the bearish trend zone.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

TRON, BitTorrent Prices Surge After Justin Sun Announces ‘Something Huge and Amazing’

TRON’s TRX and the BitTorrent token have both recently seen their prices surge in a not-so-positive day in the cryptocurrency space, thanks to a tweet published by Justin Sun announced ‘something huge and amazing’ is going to be shared in the near future.

On the microblogging platform Justin Sun told his over 1 million followers something “huge and amazing” was soon to be shared with them, after June 1. Even though some criticized this as an announcement to an announcement, the market seemingly reacted.

CryptoCompare data shows that the price of TRON, a cryptocurrency Justin Sun created that can handle a large amount of transactions per second and deploy smart contracts and decentralized applications, surged after the tweet, and is currently up 7.5% in the last 24-hour period.

Similarly, BitTorrent’s BTT token saw its price rise after the tweet was published, to the point it hit a new all-time high of $0.014 per token. The BTT token is a TRC-10 token based on the TRON blockchain. It was announced after TRON’s acquisition of BitTorrent was confirmed.

BitTorrent's price performance in the last 24 hours

Notably, the piracy-focused token has seen its price double since the start of the month. Its rise started as 990 million BTT tokens were being distributed to TRX holders. Per a Medium post from BitTorrent, a total of 1.2% of BTT’s supply, 11.88 billion tokens, will be distributed this year.

Some analysts believe that such an airdrop could easily see TRX’s price drop, but add selling pressure to the price of BTT as most users would likely sell their tokens as soon as they got them.

Others point to a recent announcement from the Opera browser, which revealed it’s set to add support for the TRON blockchain and multiple others on its built-in cryptocurrency browser. Opera is a remarkably innovative browser that introduces features the likes of Chrome and FireFox add later on.

It was the first browser to add a built-in cryptocurrency wallet, and the first to stop cryptojacking scripts from running within it. Years ago it was the first to add a dedicated BitTorrent add-on, and the BTT token could now be benefiting from that move.