XRP Price Analysis — How Long Will Sideways Trading Around $0.17 Last?

Price Predictions
Wed, 07/01/2020 - 10:20
Denys Serhiichuk
Which mark is XRP going to reach first: $0.18 or $0.16?
Cover image via www.tradingview.com

A slightly positive mood is affecting the cryptocurrency market at the moment. All most all of the coins from the top 10 list are in the green zone, except for XRP and Bitcoin SV (BSV) whose rates have fallen 0.20% and 1.82% respectively.

Top 10 coins by Coinstats

The market capitalization has also increased by about $1 Bln since yesterday and now amounts to $257.7 Bln.

The relevant data for XRP is below.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $7,816,708,791

  • Price: $0.176431

  • Volume (24h): $1,022,327,548

  • Change (24h): -0.40%

The data is relevant at press time.

XRP/USD: Which direction will the breakout go?

Yesterday, in the morning, the price of XRP was under pressure from bears. As a result, before the end of the day, the pair sank to the $0.174 area and only in the morning was it able to recover slightly above the support at $0.175.

XRP/USD chart by TradingView

Today, trading is being held in small volumes, and if such low market activity persists throughout the day, the price will continue to move in the lateral range. The upper border of this range will be the two-hour EMA55, and the lower border will be weak support at $0.175. Increased bearish pressure might lead to a re-test of a strong support level at $0.170.

XRP/USD chart by TradingView

On the 4H chart, XRP has bounced off the support at $0.1750, having confirmed buyer pressure. The coin is trading within a Triangle pattern and remains bullish. The trading volume is not increasing. However, there is a high level of liquidity above it. In this case, the end-point might be the $0.1790 area, which buyers could reach in the nearest days.

XRP/USD chart by TradingView

On the daily time frame, volatility is declining against the ongoing price drop. There is no buyer resistance as the trading volume remains at the same level. What is more, XRP has remained in a falling channel, in which the next support is at $0.1680. If bulls cannot seize the initiative soon and reach $0.18, it will not be reached until mid-July 2020.

XRP is trading at $0.1760 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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