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XRP, Monero, BAT Price Analysis: 01 February

Akashnath Sumukar

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Source: Pixabay

XRP’s price recovered from the blow dealt by news of the SEC lawsuit on December 22 to trade at $0.56. Monero surged after exhibiting a bullish divergence while Basic Attention Token hovered above a level of support.

XRP

XRP, Monero, BAT Price Analysis: 01 February

Source: XRP/USD on TradingView

On December 22nd, XRP was trading at $0.53. News of the SEC lawsuit saw XRP plunge to $0.22 in a span of 24 hours, a 60% drop. Since then, XRP attempted to breakout past the $0.3 resistance multiple times and finally succeeded over the past few hours.

Not only did XRP manage a breakout, but it also posted gains of nearly 100% over the past two days. It could rise further, even though a bearish divergence was seen on the charts.

The price made higher highs while the momentum indicator (RSI) made lower highs. A divergence can’t be used to time an entry into a trade, however. A Doji candle formation on high volume on a larger timeframe (12-hour or daily) will be the most reliable indicator of an imminent pullback for XRP.

Monero [XMR]

XRP, Monero, BAT Price Analysis: 01 February

Source: XMR/USDT on TradingView

The $130 level has been of significant importance to XMR. The level appeared to have been lost to the bears, but a bullish divergence was exhibited on the 4-hour charts and bulls were quick to capitalize on the disagreement and convert the $130 level back to support.

Subsequently, XMR surged to touch $150 and at the time of writing was trading at $141. The MACD climbed back above the zero line and also formed a bullish crossover to denote momentum was back in favor of the bulls.

The $149 level of resistance is likely to be tested once more for XMR.

Basic Attention Token [BAT]

XRP, Monero, BAT Price Analysis: 01 February

Source: BAT/USD on TradingView

Basic Attention Token broke out of a range and achieved the projected upside target at $0.35 but was forced to pull back and at the time of writing was trading at $0.3.

The OBV shows that the buying volume far outweighed the selling volume, even during periods when BAT was forced to retreat. This indicated that BAT was headed to $0.35 once more, but the timing is more uncertain.

The Awesome Oscillator crossed over beneath the zero line to denote short-term bearish pressure. Bulls would seek to defend $0.3, and losing this level could see BAT retest the $0.27 level as support.


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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.