Price Analysis

Bullish Case Emerges for XRP Price After it Becomes the ‘Crypto-Pick’ for January 2023

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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  • XRP prices after remaining largely bearish throughout the year 2022, displayed a significant bullish momentum during the last few days

  • Multiple factors are assumed to determine the upcoming trend of the XRP price ally which remains highly speculative at the moment.

The Ripple vs SEC case is speculated to encounter its closure very soon which is believed to uplift the XRP price too. The price suffered a significant pullback at the beginning of a fresh yearly trade. However, the trend appears to have rebounded at the moment due to which the bulls are gaining significant momentum and could rise high in the coming days. 

Besides, one of the leading analytical platforms, Santiment has chosen XRP as the Crypto-pick for the month of January 2023. As per the platform, the XRP price is offering an opportunity for a low-risk, high-reward trade. 

The XRP price has been drowning since 2021 which is a part of the larger uptrend which is set to complete a triangle chart pattern. The price which is currently trading at the bottom of the developing triangle chart pattern indicates a great upside potential.

The platform reveals that the large bag holders with 1 million to 10 million XRP have increased their holdings by 25% in the last 6 months while the price remained stuck within narrow ranges. 

It has to be noted that XRP’s funding rate on Binance and the overall market sentiments are pretty bearish. The MVRV ratio also indicates that the sellers are selling at a loss of 7% due to the seller’s exhaustion. The platform also urges traders to be cautious and undertake proper risk management before investing in XRP in the month of January 2023. 

The factors mentioned by Santiment may be still set aside and the other factors may overtake like the outcome of the Ripple vs SEC lawsuit. Rounds of an out-of-court settlement still surround before the ruling of the court is produced. Hence, investors can expect an impulsive XRP price action in the coming days. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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