Ripple has been one of the most controversial blockchain-based projects for a long time. The token still ranks among the top 10 cryptocurrencies in the market. The Ripple price analysis for Jan 31, 2022, brings a bearish analysis for investors. As of today, the token is 84.76% low from its all-time high witnessed 4 years ago.
The data from CoinMarketCap shows that the token dropped 5.31% by market cap, followed by a 6.72% rise in trading volume. The surge in trading volume shows that selling volume has increased as the token fell nearly 5 % in the last 24 hours.
The price of Ripple at the time of writing is $0.5. This is quite bearish compared to our Ripple price analysis from Oct 9, 2021, when Ripple was above $1. This was a result of a partnership between Ripple and Nelnet aimed to reduce the impact of cryptocurrencies on the environment.
The daily candle was initiated on Jan 31 at a price of $0.6012 and reached a daily high of $0.6021. After the selling pressure surged, the prices came crashing down to the daily low at $0.58.
The RSI indicator has entered the oversold levels. Recently, TheCoinRise reported that the token just above Ripple in ranking, Solana, was also oversold. It is a fact that buying any token at oversold levels gives the best profits when the bulls return.
To conclude our Ripple price analysis, TheCoinRise believes that the XRP token has great potential that has yet to be revealed. The company behind the token, Ripple, had recently achieved a $15 billion valuation, as TheCoinRise reported. On the other hand, the CEO of the firm believes that there has been optimistic progress in the Ripple vs. SEC lawsuit.