XRP Price Analysis — Expecting $0.15 Soon

Price Predictions
Mon, 06/15/2020 - 09:09
Denys Serhiichuk
Will bears break the next support level of XRP soon?
Cover image via www.tradingview.com

The first days of the week the cryptocurrency market has stared with a bearish mood as the decline that started over the weekend has continued. As a result, all of the top 10 coins are in the red zone.

Top 10 coins by Coinstats

The decrease in the market has affected its capitalization, which has lost $10 Bln in just 24 hours.

Cryptocurrency market capitalization

The relevant data for XRP is as follows.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $8,166,616,788

  • Price: $0.185130

  • Volume (24h): $1,146,291,860

  • Change (24h): -3.42%

The data is relevant at press time.

XRP/USD: Will the drop continue to support at $0.15?

Last Sunday, the $0.190  level hardly restrained sellers' attempts to squeeze XRP out of the side range. Last night, this support could not withstand another onslaught, and the price set a local minimum at $0.185.

XRP/USD chart by TradingView

In the morning, the decline stopped and buyers have been trying to return the price to the side range. If it fails to break the $0.19 line, then the decline will continue to the upper border of the purple downward channel.

XRP/USD chart by TradingView

On the 4H chart, XRP has settled below $0.1870, confirming the start of a long-term bearish trend. However, the bullish divergence has been formed on the RSI indicator, suggesting a possible correction. In this case, traders can expect a retest of the $0.1870 level before another wave of the decline starts.

XRP/USD chart by TradingView

On the daily time frame, the MACD indicator is declining, which means that bulls are unlikely to come back to the crucial level of $0.20. Thus, XRP keeps trading within the falling channel where the nearest support is the bottom of the channel at $0.17. The decreasing trading volume confirms the ongoing bearish mood.

XRP is trading at $0.1844 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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