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

Price Predictions
Wed, 05/27/2020 - 08:35
Denys Serhiichuk
What does XRP need to return to the top 3?
XRP Price Analysis — Chances of Returning to Top 3 by End of May
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.

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.

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.

Related XRP Price Targets $0.24535 as XRP Gets Listed by ShapeShift
Related
XRP Price Targets $0.24535 as XRP Gets Listed by ShapeShift

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.

 
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.