Cryptocurrencies Price Prediction: Bitcoin, Chainlink & Ripple – European Wrap 29 January

Week Ahead: Bitcoin price likely to support these altcoin narratives this week

This week is packed with important macroeconomic and crypto events. Let’s take a look at important altcoins that might trend this week and how Bitcoin price might affect the performance of these cryptocurrencies. 

With these major events, altcoins are likely going to experience volatile movements, giving day traders a bunch of opportunities. At the end of the day, altcoins’ performance depends on Bitcoin price.

Chainlink price faces risk of correction as supply on exchanges climbs

Chainlink, the token of a decentralized blockchain oracle network, likely faces the risk of a price correction, according to on-chain metrics. 

When exchange supply decreases it is considered that selling pressure has likely reduced, and the asset’s price is expected to rally. In the case of LINK, exchange supply is on the rise, after its initial decline between December 26 and January 4. 

Ripple developer proposes change in XRP Ledger governance to increase transparency

XRP Ledger developer David Fuelling published on Sunday a proposal to update the governance structure of the XRPL Foundation with the goal of increasing transparency and decentralization in XRPL governance systems. 

XRP price lost nearly 4% on week and almost 16% on month, but recovered slightly from recent lows. David Fuelling, an XRP Ledger developer, published a proposal to update the governance structure of the XRP Ledger Foundation. This is a significant development since Fuelling calls for the governance to be decentralized and member-driven.