XRP Price Analysis: Expecting an Attempt to Retest $0.20 Before a Continuous Drop

Price Predictions
Sat, 07/18/2020 - 14:32
Denys Serhiichuk
Could a false breakout at $0.20 lead to a continuous decline for the rate of XRP?
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 weekend for the cryptocurrency market is neither bullish nor bearish. There is also a lack of dominance from buyers and sellers. Chainlink (LINK) is the biggest loser from the Top 10 coins as its rate has dropped by 6.72% since yesterday.

Top 10 Coins by Coinstats

The dominance rate for Bitcoin (BTC) has declined over the course of the week as the leading cryptocurrency continues to trade sideways. The current market share of BTC stands at 61.3%.

BTC’s Market Share

Below is the relevant data for XRP and how it's looking today:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $8 683 765 806

  • Price: $0,196209

  • Volume (24H): $795,408,416

  • Change (24h): -0.49%

XRP/USD: How Much Time Do Buyers Need to Fix Above $0.20?

XRP is the only coin from the Top 3 that is located in the red. The altcoin has lost 0.62% since yesterday, and the decline over the course of the week has constituted a drop of 2.03%.

XRP/USD Chart by TradingView

Looking at the hourly chart, XRP is about to retest the  $0.20 resistance level. However, XRP's growth is unlikely to continue as the rise is not supported by the trading volume. Moreover, it continues to go down. In this particular case, there is a high probability of seeing a false breakout at the resistance level, followed by a continued drop in price.

XRP/USD Chart by TradingView

Looking at the daily chart, XRP is about to continue trading sideways through the end of July and the start of August 2020. The trading volume is not going down; however, it still does not have enough strength to grow.

XRP Price Target $0.24, Prominent Analyst Predicts

Thus, the bulls could not manage to break from the falling channel, which was formed at the end of April 2020. Respectively, trading in the yellow between the $0.19 and $0.1950 range is the most likely option for XRP.

XRP/USD Chart by TradingView

Looking at the weekly time frame, XRP is located in a sideways trend; however, the trading volume continues to decline. A bearish divergence has also been formed, which means that the coin might decline. The nearest support level is at $0.1275, which traders may attain by the end of Summer 2020 if they fail to fix above the $0.20 price shortly.

At press time, XRP was trading at $0.1987.

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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