XRP Price Analysis for 15/08

Price Predictions
Sat, 08/15/2020 - 15:19
Denys Serhiichuk
Have XRP sellers already seized on the short-term initiative?
XRP Price Analysis for 15/08
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.

As it usually happens on the weekend, the market is facing a correction phase and today is no exception. This is mainly with regards to XRP and Cardano (ADA), which are both in the red and whose rates have declined by 1.31% and 1.79% respectively.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

Meanwhile, the dominance rate for Bitcoin (BTC) has gone down slightly since yesterday and now makes up 57.9%.

BTC’s market share
BTC’s market share

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

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $13,269,460,752

  • Price: $0.295410

  • Volume (24H): $2,232,899,224

  • Change (24H): -1.20%

The data was relevant at the press time.

XRP/USD: Can Bulls Get Back the Rate to $0.30 by the End of Summer?

XRP is the first cryptocurrency from the Top 3 coins to have already entered a correction phase. The third most popular coin has gone down 0.28% since last week.

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

Even though the bears have already seized on the initiative, another bounce back is possible on the hourly time frame. The liquidity level is still high, which means that the bears are not going to give up so soon.

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Moreover, there is a bullish divergence on the Relative Strength Index (RSI), which confirms a high possibility for slight growth. In this regard, buyers may push XRP to $0.2993 shortly.

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

Looking at the 4H time frame, the situation is less positive as XRP has formed a reversal with a target of $0.2823. This level may be reached by the end of the month if the trading volume remains at the same level. Currently, the bears dominate the market and there are real chances that the aforementioned support will be broken if the bulls do not seize on the initiative.

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

According to the daily chart, the bulls are controlling the situation until XRP is above the crucial $0.25 mark. As the main scenario, traders may expect a drop to $0.25, followed by a rise to its local peak at $0.3265 through the end of September. All in all, the buyers may set new all-time highs (ATHs) if the coin is pushed back to the aforementioned resistance. 

At press time, XRP was trading at $0.2948.

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.