The month of January has proven to be bullish in general. This is the reason why investors are excited to make investments in major cryptocurrencies.
They are hopeful that the bullish trend may continue and that they will be able to cover the losses that they incurred throughout the year 2022.
Despite the constant bullish runs, there are times when the bears are showing off their selling prowess. Therefore, the investors need to be mindful of that and try to increase their buying pressure to defeat the bears.
However, the bearish sentiments have still not fully faded. They may continue lingering and cause declines in the assets’ trading prices from time to time.
On January 25, the trading price of XRP was at a high of $0.39 (20-day EMA). The asset had witnessed a strong rally to get to a particular level. The asset even managed to hit a higher level in the process.
The data shows that the trading price of the asset was able to move all the way up to a high of $0.42, which is the overhead resistance level.
XRP even managed to cross the particular level and all they had to do from that point was to sustain the incoming selling pressure.
Unfortunately, the bulls failed to sustain the pressure and the trading price of the asset ended up taking a fall below $0.42.
For now, XRP is moving in the negative territory but it can end if the value of the asset manages to retake the $0.42 level. If the asset hovers over the $0.44 zone and manages to stay there, then a positive trend would be formed.
This could mean that XRP will have the opportunity to grow stronger in the upcoming days. Once XRP crosses $0.44, it will have the opportunity to experience another major rally.
If things fall in favor of XRP, then its trading price may surge to a high of $0.51.
Cardano demonstrated an XRP-like performance on January 26 when its price pushed through the overhead resistance level of $0.38.
It was the bulls who had to sustain the incoming pressure from the bears who were selling ADA on a large scale. The bulls ended up losing their grip and the price of ADA fell to a lower level.
Given the current market sentiments, the bulls may not lose their confidence and take another shot at a strong rally.
If things do work out in favor of the bulls, then the price of ADA may surge all the way up to a high of $0.44.