XRP Price Analysis: $0.15 is Nearest Mark for Bears

Price Predictions
Sat, 06/27/2020 - 15:21
Denys Serhiichuk
How is XRP’s rise relevant to the current market conditions?
Cover image via www.tradingview.com

The cryptocurrency market is moving on a relatively positive note as all of the coins from the Top 10 list are showing green. Litecoin (LTC) is the leader on the chart, rising almost 3% since yesterday.

Top 10 Coins by Coinstats

Yet, the value of the overall market capitalization has remained relatively unchanged since the last week, and currently sits at $258.5B.

Market Capitalization

Below is the relevant data for XRP and how it's looking today:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $8,105,936,748

  • Price: $0.183153

  • Volume (24H): $1,145,130,973

  • Change (24H): 1.08%

XRP/USD: Can the Growth Possible in the Short-Term?

Even though the rate of the coin has added 0.46% in the last 24 hours, XRP continues to trade on a bearish note. However, the rate of decline since last week is up more than 2%.

XRP/USD Chart by TradingView

Looking at the hourly chart, the trading volume continues to decline, confirming our statement about the bearish trend. The medium level of liquidity is the only thing that may keep XRP trading at its current levels. However, this is not enough as the sellers have a lot more strength. In this particular case, the most likely price action would be a decline to its nearest support level at $0.18.

XRP/USD Chart by TradingView

Looking at the 4H time frame, the trading volume is mostly in control by the sellers; however, the level is not significant. This means that the bears are not actively selling anymore. However, the bulls are not as active yet to push the price of XRP up. Respectively, traders might expect the coin to trade sideways between the $0.18 and $0.1850 range within the next few days.

XRP/USD Chart by TradingView

Looking at the bigger time frame, nothing crucial has changed. There are lowering heights on the daily chart, confirming pressure from the sellers. In this particular case, the next important area where the bulls might resist is at $0.17. It might be attained by the end of the current month. If the bears break it, then the next stop will be at the $0.15 mark.

At press time, XRP was trading at $0.1814.

 

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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