According to the analysis, we have listed for you what awaits XRP and other cryptocurrencies in January.
What awaits XRP and other cryptocurrencies in January?
XRP’s price performance in 2022 has been a series of ups and downs. It reached $0.9 at the beginning of the year, up 60%. By the end of the year, however, the price of the cryptocurrency had dropped to $0.34. However, given the market’s background performance, XRP has done relatively well. It also lost ‘only’ 56% of its value compared to January 1.
No explosive performance is expected from usage-linked assets like Ethereum, Solana or Matic in the coming year. The cryptocurrency industry will likely remain passive as most of the entry providers are not yet ready to return. This means that XRP and its counterparts will have to go through a stalemate for a few more months.
Cardano (ADA)
If you are not used to Cardano’s constant struggle for a good placement in the market, you have not been following the cryptocurrency market for a long time. Throughout this year, Cardano has been unable to find a way to bounce back and recover upwards due to the poor performance of the market and especially the network.
Despite high development activity, Cardano’s use as a network for NFTs and DeFi is still too low to create favorable conditions for ADA’s market growth. After hitting a six-month low on the daily chart, ADA may show us a short-term bounce. But this will most likely only happen in the new year.
DXY (DXY)
The macro conditions of the US economy for the cryptocurrency market remain strict. The inflation target has yet to be met by the Fed, and the regulator has made it clear that the performance of the market is not their main priority. This means that interest rate hikes will continue in 2023 with pressure on risky assets, including cryptocurrencies. According to the index’s daily chart, DXY is showing some reversal patterns. The index’s value has flattened out, volume is falling, as is volatility, which is technically the perfect triple for a trend reversal.
Unfortunately, there is also the possibility of a negative scenario. Should DXY reverse, we may see an increase in pressure on the cryptocurrency market. This could lead to another dip towards new lows.
Bitcoin (BTC)
cryptocoin.com As we mentioned, Bitcoin is instantly traded at $ 16,500.81. It was down 0.61% on the day and down 0.32% compared to the previous seven days. Its monthly charts, however, mostly show an increase of 1.44%. It follows a horizontal trading model with a market capitalization of $320.1 billion.
Additionally, the machine learning algorithm at PricePredictions has set a downward price target for Bitcoin for the end of January. He predicted that it will change hands on January 29, 2023 at a price of $15,675.35 based on his 30-day forecast. It is worth noting that experts are divided on what awaits BTC in the near future. Some predict a ‘major upward move’ while others predict that Bitcoin will suffer more before it moves up. Time will see which side is (more) right.
