XRP Price Analysis—Can a Retest to $0.19 Happen Until Rise Continues?

Price Predictions
Tue, 07/21/2020 - 14:25
Denys Serhiichuk
Can #XRP follow #BTC's growth?
Cover image via www.tradingview.com

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.

The cryptocurrency market keeps rising; however, the growth has not applied to all coins. In the main, Chainlink (LINK) is the only crypto from the top 10 list that is in the red zone.

Top 10 coins by Coinstats

Total market capitalization has significantly risen over the past 24 hours. Around $5 bln is growth while the current index is $275.5 bln.

Total market capitalization

Take a look at the key data for XRP:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $8,977,637,328

  • Price: $0.200339

  • Volume (24h): $953,201,533

  • Change (24h): 1.48%

The data is current at press time.

XRP/USD: Can the altcoin keep up with the growth of Bitcoin?

Yesterday, buyers failed to increase volume and XRP was unable to overcome the psychological level of $0.20. Moreover, by the end of the day, pressure from sellers increased and the pair rolled back below the average price level, setting the daily low at $0.192.

XRP/USD chart by TradingView

Buyers managed to correct the situation a little tonight, and the pair recovered to the two-hour EMA55 area. If during the day buyers are able to continue the recovery, the XRP price will break the $0.21 resistance. In the event of a false breakout, the altcoin will drop below the support of $0.19.

XRP/USD chart by TradingView

On the 4H time frame, XRP has confirmed the growth and is likely to approach the $0.2020 markthe retest of July 19. Even though a bullish trend has been confirmed, bulls now have little likelihood of breaking it. This is why traders may expect a rollback to the closest support at $0.1959, where most of the liquidity is focused.

XRP/USD chart by TradingView

On a larger time scale, the bullish forecast has been confirmed. At the moment, XRP is targeting the resistance of $0.2115. The bullish divergence on the RSI indicator confirms buyers' presence. If growth continues, the aforementioned market may be attained by the end of summer 2020.

XRP is trading at $0.1996 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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