XRP Price Analysis for 09/03

Price Predictions
Thu, 09/03/2020 - 15:15
Denys Serhiichuk
Has the bounce-off time arrived for XRP?
XRP Price Analysis for 09/03
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 market has become even more bearish since yesterday; almost all of the Top 10 coins are in the red except for Polkadot (DOT), which remains trading in the green zone, rising by 1%.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The total cryptocurrency market capitalization has also declined by almost $20 bln. The current index accounts for $350 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The key data of XRP is looking the following way:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $11,881,356,680

  • Price: $0.263964

  • Volume (24h): $1,560,326,322

  • Change (24h): -3.28%

The data is relevant at press time.

XRP/USD: Will bears dump the coin below $0.25?

XRP has lost the least among the Top 3 coins. The third most popular crypto has lost 3.28% of its price share, which is much less than the price change of Bitcoin (BTC) and Ethereum (ETH).

Cryptocurrency market capitalization
XRP/USD chart by TradingView

On the hourly chart, XRP has bounced off the support zone at $0.2555. At the moment, there is great potential to see a correction after a sharp decline. The liquidity is low, which supports the idea of a price rise to the support at $0.27. However, that will be just a bounce off, but not the start of continued growth.

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

On the 4H time frame, a correction is also more likely than a drop. The Relative Strength Index indicator is almost on the verge of the oversold area, which means that bulls may seize the initiative in the short-term perspective. In that case, a rise may take XRP to the mark of $0.27.

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

On the daily chart, the situation is reversed. The crucial support level of $0.25 has not been attained, which means that bulls may try to test it again.

Related BTC, ETH and XRP Price Analysis for September 1
BTC, ETH and XRP Price Analysis for September 1

Thus, the MACD indicator is located in the bearish wave without any signals of a potential reversal. All in all, the main scenario is a retest of the $0.25 mark before continued growth.

XRP is trading at $0.2630 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.