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.
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%.
The relevant data for XRP is below.
Market Cap: $8 752 869 308
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).
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.
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.
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.
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.