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Crypto community sets XRP price for January 31, 2023

Crypto community sets XRP price for January 31, 2023

The price of XRP is at a crossroads where it could reverse a multi-year downward trend. Since November 2021, events such as the SEC v. Ripple case updates, developments, and announcements by Ripple have affected the asset’s price.

The parties have submitted their entire briefs on all motions as of January 19, 2023. Judge Analisa Torres has not yet rendered a ruling. A decision, according to Ripple CEO Brad Garlinghouse, is expected “sometime in the coming single digit months,” which could be as early as June. Like many other XRP investors, Garlinghouse is sure that the payment giant will prevail in court. 

With that being said, the enthusiasm around XRP is not shared by the members of the crypto tracking platform CoinMarketCap, that predict, using the price estimate feature XRP will be changing hands at the average price of $0.39 on January 31, 2023, according to the data retrieved by Finbold on January 23.

If the predictions of 1,675 members’ votes are correct, the price of XRP will fall by -6.96%, or -$0.02928, by the end of the month from its present value, which stands at $0.4209 as of writing.

XRP community price prediction. Source: CoinMarketCap

Over the past four months, the community has historically set the price of XRP with a relatively high accuracy of 90.79%, with the most recent month of December having an overall accuracy rating of 80.02%.

XRP AI price estimate

With much recently made about artificial intelligence (AI) tools, the machine learning algorithm at PricePredictions projects that XRP is expected to trade at $0.4003 on February 1. The data taken on January 17 is notably also lower than the current price of XRP.

As things stand, XRP is changing hands at $0.4214, up 4.13% over the last 24 hours and a further 9.41% across the precious seven days, with a total market capitalization of $21.4 billion.

XRP 7-day chart. Source: Finbold

TradingView’s technical analysis (TA) indicators on 1-day gauges are bullish for the time being, with their summary pointing toward a ‘strong buy’ at 16.

XRP 1-day gauges. Source: TradingView

These results are aggregated from oscillators pointing toward ‘neutral’ at 8 (with 1 for ‘sell’ and 2 for ‘buy’). Moving averages at the same time indicate ‘strong buy’ at 14 (as opposed to ‘sell’ at 0 and ‘neutral’ at 1).

Crypto trading expert Michaël van de Poppe stated the support levels he’s watching with XRP.

 “I’d like to see $0.395 hold as support. If not, then I’d be looking at $0.35 next.”

XRP support. Source: Michaël van de Poppe

In contrast, XRP price is at a crucial level after breaking above the 30-day, 50-day, and 100-day Exponential Moving Averages (EMAs). The break above these EMAs indicated buyer interest, and a breakout from the multi-year falling trend line would enable XRP price to rise over $0.4930.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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