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XRP Price Analysis for 08/05

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Wed, 5/08/2020 - 15:06
XRP Price Analysis for 08/05
Cover image via www.tradingview.com

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The market might have finished the correction phase as all Top 10 coins have come back into the green zone. Bitcoin (BTC) and Binance Coin (BNB) are the top gainers, having risen by 4.13% and 6.18% respectively.

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Top 10 coins by Coinstats
Top 10 coins by Coinstats

As Bitcoin (BTC) is growing faster than altcoins, its market share has increased and reached the 60% dominance index.

BTC’s market share
BTC’s market share

The key XRP data for today:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $13,792,829,020

  • Price: $0.307446

  • Volume (24h): $2,273,466,785

  • Change (24h): 2.74%

The data is current at press time.

XRP/USD: Can bulls get to $0.31 without a correction?

XRP is the least growing coin compared to Bitcoin (BTC) and Ethereum (ETH). The rate of the third most popular coin has risen by 2.74% over the last 24 hours.

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

On the hourly chart, XRP has bounced off the support at $0.2950, confirming the bullish mood. The trading volume is moderate; however, liquidity is low, which means that buyers lack energy to keep pushing the rate of the altcoin to new peaks.

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In this regard, there is a chance to reach $0.3143, followed by a further correction.

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

On the 4H chart, the situation is also positive and bulls keep pushing XRP to new heights. The MACD indicator is about to leave the bearish zone, having confirmed buyers' dominance. If the trading volume remains at the same level or even increases, XRP can return to the local resistance level at $0.3195 by the end of the week.

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

On the daily chart, the bullish trend is about to end as bulls are as powerful as before based on the trading volume, which is declining. Also, liquidity is low, which means there are almost no traders that want to buy the coin at the current rates. For this reason, a decline may begin soon and roll back XRP to $0.29.

XRP is trading at $0.3061 at press time.

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