XRP Price Analysis for 29/08

Price Predictions
Sat, 08/29/2020 - 14:24
Denys Serhiichuk
Is $0.25 the possible reversal area for XRP?
XRP Price Analysis for 29/08
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.

The weekend started with growth in the cryptocurrency market as all of the Top 10 coins are in the green. Polkadot (DOT) is the top gainer, rising almost 7%.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

The rise of the coins has positively affected the market capitalization, increasing by $4 billion and is now $362 billion.

Cryptocurrency market capitalization
Cryptocurrency Market Capitalization

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

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $12,278,495,104

  • Price: $0.272887

  • Volume (24H): $1,112,629,296

  • Change (24h): 1.57%

The data was relevant at press time.

XRP/USD: Is There Enough Strength to Make a Come Back at $0.30?

XRP is the second fastest growing token from the Top 3 list. The rate of the third most popular altcoin has risen by 1.57% since yesterday, while the price change from last week has dropped 2.80%.

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

Looking at the hourly time frame, XRP is facing a slight correction after a false breakout at the $0.2760 mark. The decline may not have ended yet; however, a retest of the nearest support zone is possible. This is confirmed by the low selling volume, which shows a weakness of sellers. In this particular case, a short-term rise may last at the $0.2743 mark.

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

Looking at the bigger picture, the situation is not so positive. The trading volume is on the decline and XRP is trading within a descending channel. Apart from that analysis, the liquidity is low, which means that the bulls are unable to make a reversal.

Related BTC, ETH and XRP Price Analysis for August 25
Related
BTC, ETH and XRP Price Analysis for August 25

This is why the most likely price action for XRP is a continued drop to its support level at $0.2690 soon.

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

Looking at the daily time frame, the bears are more powerful than the bulls. XRP has not reached a bounce off level, which means that a decline remains the most possible scenario. The volume is also slightly on the decline as buyers are not willing to move the needle at the current price. To sum it up, the bears might keep pushing the rate down until it reaches the $0.25 level.

At press time, XRP was trading at $0.2720.

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.