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XRP Price Analysis — Chances of Returning to Top 3 by End of May

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Wed, 27/05/2020 - 8:35
XRP Price Analysis — Chances of Returning to Top 3 by End of May
Cover image via www.tradingview.com

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May 27 has started in a relatively positive price mood as some altcoins have come back to the green zone. Today's top gainer is XRP. The rate of the coin has risen by 0.74% over the past day.

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Top 10 coins by Coinstats
Top 10 coins by Coinstats

As most of the coins are trading in a sideways trend, the total cryptocurrency capitalization mark has remained almost unchanged. The current index is $246 Bln.

Total market capitalization
Total market capitalization

The relevant data for XRP is as follows.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $8 624 797 097

  • Price: $0.195517

  • Volume (24h): $1 546 826 083

  • Change (24h): 0.88%

This data is relevant at press time.

XRP/USD: How fast can XRP return to top 3?

While Bitcoin (BTC) and most of the altcoins are trading sideways, XRP is not losing any chances, rising by 0.74% since yesterday. However, the coin has lost more than 4% over the past week.

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

On the hourly chart, XRP is looking quite positive. The coin is slowly approaching the local resistance level at $0.1960. What is more, its trading volume has remained at the same level which means that sellers are not going to dump the rate from its current zone. If a sideways trend among most of the coins continues, XRP might reach $0.1960 by the end of the day.

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

According to the 4H time frame, neither bulls nor bears have seized the initiative, from a short-term perspective. The buying trading volume is higher than the average as well as the liquidity level.

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In this case, the most likely outcome is a consolidation in the yellow range between $0.1950 and $0.1980 by the end of the month.

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

On the daily chart, bearish sentiments have appeared. Trading volume is not declining. However, buyers are not showing a willingness to buy. Also, we might see a big Triangle pattern form with an endpoint at $0.18. If the decline continues, traders can expect to reach this support in the first part of June 2020.

XRP is trading at $0.1954 at press time.

 
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