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20th April XRP/USD Ripple Price Prediction

Price Predictions
Fri, 04/19/2019 - 23:00
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Denys Serhiichuk
Let’s analyze how Ripple is influenced by the market mood
20th April XRP/USD Ripple Price Prediction
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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.

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There is a situation of uncertainty about the direction of further movements of XRP quotes.

April 19 began for XRP with a significant decline – its price reduced by approximately 2% in just 1 hour. However, then a bounce back happened, and the coin managed to consolidate within the descending channel at $0.33.

XRP/USD chart by TradingView

Based on the 1-hour chart, there is the formation of a bearish trend line, which is supposed to move the price down to the $0.32 point. Such a scenario may happen as yesterday XRP lost more than $300 million of its trading volume.

Related
Ripple Price Prediction for April 2019 – Breakout Under Way

Taking into account the 4-hour chart, XRP is demonstrating a downward trend as well.

At the same time, convergence is observed on the MACD indicator, which shows a weakening of the downward movements. Resistance in the current pattern is located at $0.345, a breakout of which will be a signal for the development of the next bullish wave. The immediate aim of growth will be the area of $0.37.

XRP/USD chart by TradingView

Currently, the $0.30 area still remains quite strong support for Ripple. In addition, the price has all chances to rise above $0.3320 and $0.3350 in the near future, but only with an increase in trading volumes. This is really a crucial moment for the digital asset.

Aside from technical factors, fundamental reasons also exist for potential growth.

The Bakkt platform is about to obtain a NYDFS license to start trading cryptocurrency, including Ripple. If NYDFS gives the green light, the largest financial companies will be able to buy XRP. As a result, profits will increase, and the price of the coin will go up significantly.

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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, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.