Ripple Price Analysis — Next Course Movements After a Bullish Jump

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Tue, 06/04/2019 - 02:00
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    Looking for an affordable, but at the same time attractive coin to invest in? Think about Ripple to diversify your portfolio

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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.

XRP, the third largest cryptocurrency, is increasingly becoming the focus of traders’ attention in recent days. This can be explained by the fact that Ripple claims to repeat the success of the ancestor of the entire crypto industry, Bitcoin, which managed to add 80% of the cost over the month, recovering from $5,000 to $9,000.

At the end of May, the XRP rate strengthened from $0.3 to $0.45, although that is only the beginning.

XRP chart by CoinMarketCap
XRP chart by CoinMarketCap

There are all prerequisites for the coin to come back to its previous highs.

This month, Ripple has almost reached a historic micropayments record. It proves that the company's services are becoming increasingly popular, opening up unlimited opportunities for growth because of the practical application of the technology itself.

The rise in price could have been affected by activities surrounding the XRP ecosystem. Last year, a similar increase occurred after the May 2018 launch of Xpring, a project for investing in startups.

In terms of the technical analysis, the technical graph looks the following way.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

XRP followed our scenario, and the quotes could reach $0.44, where the asset is located today.

On the hourly chart, Ripple has been bullish since May 13, and buyers are not going to leave the market. The comparison with other coins supports this suggestion, as XRP is the only growing asset out of the top 5.

Although MACD is looking downwards, it remains under bullish tendencies, confirming short-term price increases. In this case, traders might expect XRP trading at around $0.47 until mid-June.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

On the 4-hour chart, the coin is looking bullish, and the price managed to leave the consolidation area (yellow corridor) from the end of 2019 until mid-May. The RSI indicator is in the neutral zone, suggesting that the overbought zone has not been reached yet.

If the total market correction does not occur, one can expect the coin at $0.5 until June 12.

The price of XRP is trading at $0.4356 at the time of writing.

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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 make 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.

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