The cryptocurrency market has seen a few good days lately, and those good days may not be over yet. As Bitcoin pulled most of the altcoins with it during its November rally, some analysts believe that an alt season may be on the way. If this is the case, it is better to get in early enough so that the season meets you prepared. As usual, we provide information on many cryptocurrencies to help you make the best decisions. This article focuses on XRP price prediction to give you a picture of its performance in the first month of 2021.
Ripple (XRP) Overview
XRP is the token used to facilitate cross-border payments on the Ripple payment network, RippleNet. Issued by Ripple, XRP is one of the top ten cryptocurrencies, currently the 4th largest by market capitalization. Ripple uses it to provide liquidity for remittance services globally. The company currently boasts of over 300 corporate clients worldwide.
It has worked with payment giants, such as MoneyGram, having a stake of 10% in the company, although it recently sold this share. XRP currently has a market cap of $13,381,552,259 and a circulating supply of 45,404,028,640 XRP. $8,903,887,070 worth of the token has been traded in the last 24 hours, and the current price is $0.293505.
Ripple (XRP) Price Prediction: Analysis
XRP’s price has not made much progress this year. However, it made some significant progress in November, alongside Bitcoin, when the former experienced a huge rally that is still ongoing. It traded up to a high of $0.3 until November 24 at the beginning of the Bitcoin rally, when it rose to $0.66. But there was a drop the next day that took the price down to $0.52 on 26 November before a slight bounce bank to $0.62. This was again followed by a slower dip that lasted up to 16 December, bringing it down to $0.44.
There was another bounce to $0.57 on 18 December before the dip that became much more rapid in the last 24 hours. Despite the drop, XRP’s moving averages suggest the market still has a bullish tendency for now. If the downward trend continues, the 20 MA is already reducing, and a Death Cross with the 50 MA could be on the way.
However, if there is a rebound, then things could go back to normal. As a result, XRP could see some gains once again before the year runs out. Below are the key support and resistance levels calculated by Walletinvestor:
- Resistance Level (R3): 0.618;
- Resistance Level (R2): 0.569;
- Resistance Level (R1): 0.5087;
- Pivot Point: 0.460;
- Support Level (S1): 0.400;
- Support Level (S2): 0.351;
- Support Level (S3): 0.291.
The Securities and Exchange Commission (SEC) has filed a lawsuit against Ripple for carrying out sales of unregistered securities. The lawsuit also involves two of the company’s executives, CEO Brad Garlinghouse and Co-founder Chris Larsen. The SEC alleges that during these sales, the company has raked in $1.3 billion by selling XRP, which it refers to as unregistered security.
According to the head of SEC’s Enforcement Division, the action of Ripple and its executives has deprived many investors and purchasers of the securities the right to know Ripple’s system and business plan, which violates the tenets of the public market system.
Responding, Ripple CEO Brad Garlinghouse said that the company will fight the case to its logical conclusion. In addition, he said that the action of the SEC further confirms his earlier allegation that the commission does not provide a conducive environment for cryptocurrency. Garlinghouse also accuses the SEC of not providing a level playing field for crypto startups and particularly fighting against Ripple. Moreover, the company had earlier this year announced it was relocating its headquarters to London, where the regulators are more receptive.
Ripple (XRP) Price Prediction: Market Opinion for January 2021
The following are market opinions on the price performance of XRP in January 2021.
Although the full prediction for January 2021 is not available yet, Walletinvestor predicts that XRP will start January at $0.390. The price could go as high as $0.445 or as low as $0.336.
Longforecast predicts that XRP will start January 2021 at $0.27 and close at $0.23. The low and high price during this period is $0.20 and $0.33, respectively.
Tradingbeasts expects XRP to reach $0.5861443 at the beginning of January 2021. They predict that the price will reach a maximum of $0.7351547 and a minimum of $0.4999052 before closing the month at $0.5881238.
XRP price prediction for this website says that the token will start January 2021 at $0.841. The minimum price for the month is $0.71485, the highest is $0.96715, and the closing price is $0.493. Below is the full XRP prediction for the month:
|Calendar date||Regular||Least possible price||Best possible price|
|2021 January 01, Friday||0.727||0.61795||0.83605|
|2021 January 02, Saturday||0.774||0.6579||0.8901|
|2021 January 03, Sunday||0.918||0.7803||1.0557|
|2021 January 04, Monday||1.154||0.9809||1.3271|
|2021 January 05, Tuesday||1.035||0.87975||1.19025|
|2021 January 06, Wednesday||1.015||0.86275||1.16725|
|2021 January 07, Thursday||1.066||0.9061||1.2259|
|2021 January 08, Friday||0.885||0.75225||1.01775|
|2021 January 09, Saturday||0.781||0.66385||0.89815|
|2021 January 10, Sunday||0.646||0.5491||0.7429|
|2021 January 11, Monday||0.619||0.52615||0.71185|
|2021 January 12, Tuesday||0.670||0.5695||0.7705|
|2021 January 13, Wednesday||0.673||0.57205||0.77395|
|2021 January 14, Thursday||0.625||0.53125||0.71875|
|2021 January 15, Friday||0.6079||0.516715||0.699085|
|2021 January 16, Saturday||0.469||0.39865||0.53935|
|2021 January 17, Sunday||0.373||0.31705||0.42895|
|2021 January 18, Monday||0.5058||0.42993||0.58167|
|2021 January 19, Tuesday||0.537||0.45645||0.61755|
|2021 January 20, Wednesday||0.522||0.4437||0.6003|
|2021 January 21, Thursday||0.480||0.408||0.552|
|2021 January 22, Friday||0.435||0.36975||0.50025|
|2021 January 23, Saturday||0.441||0.37485||0.50715|
|2021 January 24, Sunday||0.449||0.38165||0.51635|
|2021 January 25, Monday||0.443||0.37655||0.50945|
|2021 January 26, Tuesday||0.4094||0.34799||0.47081|
|2021 January 27, Wednesday||0.40091||0.3407735||0.4610465|
|2021 January 28, Thursday||0.428||0.3638||0.4922|
|2021 January 29, Friday||0.438||0.3723||0.5037|
|2021 January 30, Saturday||0.415||0.35275||0.47725|
|2021 January 31, Sunday||0.379||0.32215||0.43585|
Ripple (XRP) Price Prediction: Verdict
This was the information we have for you concerning the XRP price prediction for January 2021. We hope this helps you to make the best decision for investing in the token in the coming year. Therefore, remember that the information is not an investment decision in any way; it is up to you to make your own decisions.
Featured image: blockchain101.org