BTC, ETH and XRP Price Analysis for January 31


The new week has started with the fall of the cryptocurrency market as the coins have returned to the red zone.

Top Coins from CoinMarketCap

BTC/USD

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

BTC/USD Chart by TradingView

On Sunday, sellers brought the pair back to the two-hour EMA55, and tonight bearish momentum pushed BTC price below the $37,150 level. In the morning the decline stopped and during the day a recovery to last week’s high is expected.

If the bears push through the $36,000 support today, one may forget the $40,000 retest in the near future.

Bitcoin is trading at $37,311 at the time of writing.

ETH/USD

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

ETH/USD Chart by TradingView

Now, ETH’s price decline has stopped at the USD 2,570 level.

If buyers manage to build bullish momentum and recover the price above the USD 2,800 resistance, the retest of the USD 3,000 psychological level will remain relevant.

Ethereum is trading at $2,595 at the time of printing.

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 towards $0.58 and halted the decline.

XRP/USD Chart by TradingView

If buyers return to mid-price territory, there is a chance it will continue to climb towards the $0.70 resistance. If the bears push the price towards the USD 0.55 area, the pair may test the USD 0.50 support in early February.

XRP is trading at $0.5966 at the time of writing.

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