XRP Price Analysis — $0.19 as First Obstacle Before Potential Rise

Price Predictions
Tue, 06/23/2020 - 12:50
Denys Serhiichuk
Are bulls about to change the XRP trend to bullish?
Cover image via www.tradingview.com

The cryptocurrency market keeps rising after gaining fuel over the weekend. All of the top 10 coins are in the green zone while Ethereum remains the top gainer.

Top 10 coins by Coinstats

The market capitalization has significantly increased over the past day. Currently, it is $269.6 Bln.

Cryptocurrency market capitalization

The relevant data for XRP is below.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $8,354,750,285

  • Price: $0.188775

  • Volume (24h): $1,170,777,945

  • Change (24h): 0.92%

The data is relevant at press time.

XRP/USD: Trying to withstand bearish pressure

Yesterday, buyers failed to generate strong bullish momentum. The XRP/USD pair barely overcame the resistance at $0.19, setting a daily maximum at $0.191.

XRP/USD chart by TradingView

In the Asian session, XRP returned below the two-hour EMA55. Today the pair will try to maintain its positions in the lateral range at the level of average prices.

XRP/USD chart by TradingView

On the 4H time frame, XRP is growing against declining trading volume, which indicates a bounce off before a continued decline rather than the start of a new bull run. Moreover, the liquidity level is very low in the current area. In this case, traders can expect a rise to around $0.1950 followed by a further price drop.

XRP/USD chart by TradingView

On the daily chart, nothing has changed yet. Bears have been dominating for a long time without any significant bull resistance. Trading is taking place within a falling channel with no volume support. Respectively, a more likely price scenario is an upcoming drop to $0.1818 soon.

XRP is trading at $0.1891 at press time.

 

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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