XRP Price Analysis — How Long Will $0.20 Level Hold?

Price Predictions
Thu, 06/04/2020 - 09:41
Denys Serhiichuk
Can XRP recover fast after the recent dump?
Cover image via www.tradingview.com

After a recent dump of Bitcoin (BTC) and most of the other coins, cryptocurrencies have started to recover. Mainly, all of the top 10 coins have come back to the green zone.

Top 10 coins by Coinstats

A slight rise in the market has affected the total capitalization index, which added $5 Bln over the last 24 hours and is now $271.4 Bln.

Cryptocurrency market capitalization

The relevant data of XRP is below.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $9 023 659 413

  • Price: $0.204559

  • Volume (24h): $1 349 290 320

  • Change (24h): 1.76%

The data is relevant at press time.

XRP/USD: Chances of staying above $0.20 are high

XRP has shown the least growth after the recent decline compared to Bitcoin (BTC) and Ethereum (ETH). The rise has amounted to 1.39% since yesterday.

XRP/USD chart by TradingView

On the hourly time frame, XRP is trying to come back to the zone at $0.2070 where the decline started from. However, it is unlikely to reach it soon, as sellers are still dominating over bulls based on the growing selling volume. Thus, there is not enough liquidity to move higher right now. Respectively, a more likely scenario is a correction to the area at $0.20350 to gain efforts for moving higher.

XRP/USD chart by TradingView

XRP is forming a Triangle pattern on the 4H time frame. The trading volume has been slightly rising since the fall, confirming the interest of buyers to absorb the fall and retest local heights.

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TOP 3 Price Analysis: BTC, ETH, XRP — Will Market Keep Growing After Such a Pump?

The last bearish candle has a bottom shadow which means that bulls are about to continue the uptrend. In this case, the first resistance on their way will be at $0.20830, which could be attained this week.

XRP/USD chart by TradingView

On the daily chart, the bullish mood is more visible, which is supported by the bullish divergence on the RSI indicator. Slowly but surely XRP is approaching the resistance at $0.21, which serves a mirror level. The increasing trading volume is one more factor confirming the rising forecast. If the trend continues, the aforementioned level will be attained by the end of June 2020.

XRP is trading at $0.2047 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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