BTC, ETH and XRP Price Analysis for January 31


The new week has begun with the fall of the cryptocurrency market as the coins have come back to the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Over the weekend, the bulls were unable to increase their pressure and overcome the resistance of $38,900. On Saturday, the price of Bitcoin (BTC) slowly rose to the weekly high zone but did not update it until the end of the week.

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BTC/USD chart by TradingView
BTC/USD chart by TradingView

On Sunday, the sellers returned the pair to the two-hour EMA55, and tonight the bearish momentum pushed the BTC price below the $37,150 level. In the morning, the decline stopped, and during the day one expects a recovery to the high of last week.

If today the bears push through the support of $36,000, then in the near future one can forget about the retest of $40,000.

Bitcoin is trading at $37,311 at press time.

ETH/USD

Over the weekend, the price of Ethereum (ETH) did not rise above $2,700. Purchase volumes were below average, and the outgoing week ended with a rollback below the two-hour EMA55.

Related:  Leading Ethereum Rival Could Crash by Over 35% After Failed Breakout, Says Crypto Analyst
ETH/USD chart by TradingView
ETH/USD chart by TradingView

Now, the decrease in the price of ETH has stopped at the level of $2,570 USD.

If the buyers manage to form a bullish momentum and restore the price above the resistance of $2,800, then the retest of the psychological level of $3,000 remains relevant.

Ethereum is trading at $2,595 at press time.

XRP/USD

On Sunday, the sellers took the initiative away from the buyers and pushed the price of XRP below the EMA55 moving average. This morning, the pair rolled back to the $0.58 mark and stopped the decline.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

If buyers return to the area of average prices, then there is a chance to continue rising to the resistance of $0.70. If the bears push the price to the $0.55 area, then in early February, the pair can test the support of $0.50.

XRP is trading at $0.5966 at press time.


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