XRP Price Analysis — Bulls Trying to Push to $0.20 Against Ongoing Bearish Pressure

Price Predictions
Fri, 05/29/2020 - 13:52
Denys Serhiichuk
What are the chances of XRP returning to the top 3?
Cover image via www.tradingview.com

The second part of May 29 has turned out quite positive for the cryptocurrency market. All top 10 coins are being dominated by bulls while the top gainers are Ethereum (ETH) and Tezos (XTZ), whose rates have risen by 5.65% and 5% respectively.

Top 10 coins by Coinstats

The fast rise of altcoins has negatively affected the market share of Bitcoin (BTC), which has dropped drastically. The current index is at 65.2%.

BTC’s market share

The relevant data for XRP is below.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $8 752 869 308

  • Price: $0.198420

  • Volume (24h): $1 599 330 075

  • Change (24h): -0.06%

The data is relevant at press time.

XRP/USD: How fast could it return to the top 3?

Even though XRP is trying to show some growth while the market is located in a short-term uptrend, it is still in 4th place in the top cryptocurrency ranking. The coin is lacking a few million dollars of capitalization it needs to surpass Tether (USDT).

XRP/USD chart by TradingView

On the hourly chart, XRP is about to form a Triangle pattern with the end-point at $0.1950. What is more, tomorrow is Saturday, a day on which the cryptocurrency market is much less active, which will lend to a slight decrease.

Related
TOP 3 Price Analysis: BTC, ETH, XRP — How Likely Are New Local Peaks?

The liquidity level is quite high near the aforementioned support. However, the long-term trend will remain bullish as the decline is just a part of a correction.

XRP/USD chart by TradingView

On the 4H chart, there was a false breakout at the resistance zone of $0.2010, followed by a rollback. The bullish trend is still active. However, the trading volume is mostly being dominated by sellers, which is a bearish signal. If buyers do not set new heights next week, the closest support for XRP will be $0.1920.

XRP/USD chart by TradingView

According to the daily time frame, XRP is stuck within a big Triangle pattern. This is a figure of a continued trend, suggesting that traders can expect a breakout to the resistance zones. In addition, the trading volume has steadily continued to rise, which also supports our position. Summing up, if nothing crucial changes, we might see XRP trading around $0.2250 by mid-June 2020.

XRP is trading at $0.1974 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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