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XRP Price Analysis — Chances of Reaching $0.20 Remain

Price Analysis
Fri, 06/19/2020 - 14:01
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Denys Serhiichuk
Will XRP retest $0.20 before the dump continues?
XRP Price Analysis — Chances of Reaching $0.20 Remain
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.

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Even though there are growth efforts from bulls, the bull run that started in mid-March 2020 is coming to an end. Most of the time coins have been sitting in the red zone and today is no exception. 

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The ongoing decline of the market has influenced its market capitalization, which has decreased by $1 Bln over the past day and now amounts to $262.3 Bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for XRP is as follows.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $8,412,468,566

  • Price: $0.190079

  • Volume (24h): $1,103,497,540

  • Change (24h): -1.45%

The data is relevant at press time.

XRP/USD: Will XRP come out of the bearish trap soon?

Yesterday, sellers held the initiative and pushed the XRP price below support at $0.19 on small volumes. This morning they managed to establish a local minimum at $0.187.

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

If buyers can not lift the price, then the rollback may continue to the upper purple border of the downward channel. If the volume of purchases increases, then the pair will return to the area of average prices.

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

On the 4H chart, bulls are buying back XRP at the local support levels, trying to hold the bullish trend. The trading volume, as well as the liquidity, are not declining, which indicates buyer pressure at the current levels. Respectively, if this situation unfolds, we can expect growth to the end-point of the Triangle pattern at $0.1934.

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

Minor rollbacks on small time frames do not change the bearish long-term picture. The trading volume keeps declining and XRP cannot break get out of the falling channel. The $0.1870 mark is the first point buyers might show their strength. If it is broken, the next vital support is at around $0.1740. If bears keep pushing the rate deeper, the above-mentioned zones might be broken in July 2020.

XRP is trading at $0.1889 at press time.

 
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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.