XRP Price Analysis — Analyzing Chances of Reaching $0.20 This Summer

Price Predictions
Fri, 07/03/2020 - 14:28
Denys Serhiichuk
Is the current slow growth of #XRP the start of a possible bullish trend revival?
Cover image via www.tradingview.com

Neither buyers nor sellers are dominating at the moment. While Bitcoin (BTC) and Ethereum (ETH) are in the red zone, EOS has risen 2.12% over the past day.

Top 10 coins by Coinstats

The ongoing sideways trading trend is negatively affecting the capitalization of the cryptocurrency market. Its index has lost $3 Bln since yesterday.

Market Capitalization

The relevant data for XRP is as follows.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $7,827,784,883

  • Price: $0.176868

  • Volume (24h): $1,032,060,191

  • Change (24h): 0.31%

The data is relevant at press time.

XRP/USD: Steady growth possible in the second half of summer?

Yesterday, XRP was not able to break the upper limit of the side range in the form of a two-hour EMA55. In the afternoon, sellers increased pressure and the pair rolled back to the $0.172 area.

XRP/USD chart by TradingView

During the Asian session, buyers tried to correct the situation, but the volume of purchases was below the average level and it was not possible to return the pair to the moving average EMA55. Today, it is possible it will continue to decline to the support at $0.17.

XRP/USD chart by TradingView

On the 4H chart, XRP has started rising after a prolonged consolidation phase. The coin is about to break through the top of the channel, which is backed by the Bollinger Bands indicator. In this case, the support XRP could reach is $0.1810. The only concerning thing is low trading volume.

XRP/USD chart by TradingView

On the daily time frame, bulls have become stronger. However, they do not have enough strength for a bullish trend revival. Even though the trading volume is falling slightly, buyers have not yet seized the initiative. As such, trading in the yellow range between $0.1750 and $0.18 is the most likely price forecast.

XRP is trading at $0.1768 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.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy