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Ripple Price Prediction — How Long Can Bulls Stay Above $0.4?

Price Predictions
Tue, 06/11/2019 - 02:00
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Denys Serhiichuk
? Ripple is showing a 5% price increase over the past day. Can buyers keep this bullish tendency up or not??
Ripple Price Prediction — How Long Can Bulls Stay Above $0.4?
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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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Against the total cryptocurrency market revival, Ripple is showing some of the biggest growth. XRP has increased by almost 6% per day, which is the second largest price rise after Litecoin, whose rate has soared by 12% per day.

There might be only one fundamental factor affecting the price increase. There were rumors on the newsfeed that Ripple acquired the international payment system MoneyGram. However, both companies denied comments about that.

XRP market share by CoinMarketCap
XRP market share by CoinMarketCap

The market capitalization of the coin and percentage of market share have also increased. Regarding the first one, it is approaching the level at $20 bln, while the XRP dominance rate has gone up and now constitutes 6.96%.

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

On the 30-min chart, Ripple is trying to hold the acquired positions after a bull run. However, now, it is the time where traders might start fixing their profits. The resistance at $0.42 was already broken, and a rollback to the previous support at $0.40 is likely to occur until the end of the current week. The bearish MACD indicator backs such a scenario.

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

According to our earlier forecast, the prediction has almost justified itself, and the price could reach the expected level. The quotes are moving in a descending channel and are currently heading to the area of $0.44 in the framework of the upward movement.

At the moment, the asset is located in the green zone according to the Fibonacci retracement. In this regard, the long-term idea is reaching $0.4475 (78.6%) until the end of June.

The price of XRP is trading at $0.4191 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 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.