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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?
XRP Price Analysis — Bulls Trying to Push to $0.20 Against Ongoing Bearish Pressure
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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
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
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
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?
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
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
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.

Ethereum (ETH) Price Analysis — Will Bulls Reach $240 In Current Bounce?

Price Predictions
Tue, 07/07/2020 - 10:22
Denys Serhiichuk
Will Ethereum (ETH) get to $240 in the ongoing growth?
Ethereum (ETH) Price Analysis — Will Bulls Reach $240 In Current Bounce?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The positive mood remains on the cryptocurrency market. While Bitcoin (BTC) is rising slightly, altcoins are outperforming the leading crypto. The top gainer from the 10 most popular coins is Bitcoin SV (BSV), whose rate has risen 14.34% over the past day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The market capitalization has also increased against the rise of the market. At the moment, its index is $265.3 Bln.

Market Capitalization
Market Capitalization

The relevant data for Ethereum is below.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $26,416,726,830

  • Price: $236.59

  • Volume (24h): $8,170,001,858

  • Change (24h): 1.61%

The data is relevant at press time.

ETH/USD: Is the rise coming to an end?

The price of Ethereum (ETH) showed steady growth yesterday. During the day, the pair broke through the resistance at $233 and tested the POC line ($243.34) late at night. In the Asian session, growth stopped and the price rolled back to $240.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

If the bears strengthen the onslaught, then they can return the pair to $233. On the other hand, on the daily time frame, the Stoch RSI indicator lines have not yet reached the overbought zone and there is still some potential for growth. Overall, after a short pause, bulls might try to test the resistance at $247.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the 4H chart, Ethereum (ETH) is forming a Triangle pattern. The decline is supported by the rising trading volume which means that there is still space for going deeper. In this case, the first stop might be at the zone around $232 where most of the liquidity is concentrated. This scenario may unfold within days.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the bigger time frame, the growth potential remains, despite the highs becoming lower and lower. The bullish trend since March 2020 has not been broken so far, which means bulls may still set new local peaks. Such a statement is confirmed by the rising channel, which has continued since the end of June. If bulls keep pushing the altcoin higher, traders can expect Ethereum (ETH) to trade around $245 by the end of July.

Ethereum is trading at $235.65 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.