Crypto analysis

Crypto analysis: If XRP fall more, it might not be good sign for recovery

January 23, 2024

Cryptocurrency chart analysis (XRP):

The current price of XRP is $0.53, although this may vary slightly depending on the exchange you're using. Over the last 24 hours, there has been a 2.86% decrease in its value. The price fluctuated between $0.55 and $0.52 during this period. In the past day, the trading volume of XRP has spiked significantly, reaching $1.09 billion. This surge is noteworthy, especially when compared to the usual average volume. The major contributors to this volume include Binance with $680.37 million, MEXC with $70.15 million, and other exchanges with $439.48 million. XRP's market capitalization currently stands at $29.10 billion. The circulating supply of XRP is 54.34 billion. Over the last 24 hours, there have been 3.74 million XRP transactions. The average transaction fee for XRP is $0.00047.

XRP last 4 hour chart analysis

XRP price forecast:

The data about XRP's performance on the blockchain, like the number of big transactions, the amount of trading, and how much profit or loss people are making, suggests that the price of this cryptocurrency might go up. Big transactions (worth $100,000 or more) have gone down since January 3, from 1,332 to 720 on January 22.

At the same time, fewer big investors are selling XRP at a loss. Even though some big investors lost money on XRP in January, the overall amount of trading has decreased.

XRP and ETH chart analysis

Looking at how XRP is spread among different investors, it seems positive. People who own between 10 million and 100 million XRP have been buying more when the price is low and selling when it's high, for the past six months. This behavior might continue, with big investors buying more XRP during the current price drop.

The development activity of XRP hit a low point on January 17, 2024, but it's starting to pick up again. When development activity is higher, it often means the price of XRP goes up.

The price of XRP has been going down since November 2023. If it goes up again, it might face challenges at three levels: $0.5930, $0.6183, and $0.6474. A price increase from $0.5295 to $0.5930 would be about 11.97%.

However, if the daily closing price goes below $0.5007, it might not be a good sign for XRP's recovery.