XRP Price Analysis for 9/11

Price Predictions
Fri, 09/11/2020 - 15:51
Denys Serhiichuk
Has XRP already finished the correction phase?
XRP Price Analysis for 9/11
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 bullish mood has not stayed for long as sellers have seized the initiative. Crypto.com Coin (CRO) is the only one that remains in the green area.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Total market capitalization has also been affected by the drop of the coins. The index has lost $2 bln over the last day and now stands at $332.3 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

 The key data for XRP today:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $10,881,556,753

  • Price: $0.241752

  • Volume (24h): $1,973,094,551

  • Change (24h): -2.26%

The data is relevant at press time.

XRP/USD: Is growth to $0.25 possible before a further drop?

Yesterday, buyers' efforts to restore the pair ended at the resistance level of $0.250. Sellers effortlessly pushed the XRP price back into the 2H EMA55 area.

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

It seems that today the pair will not be able to hold at the level of average prices, and the pullback will continue below the support of $0.230. The weekly minimum may be renewed to the level of $0.220.

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

On the 4H time frame, XRP is forming a short-term reversal before a drop continues. The buying trading volume is slightly increasing, which confirms bulls' potential to retest the closest resistance level.

Related BTC, ETH and XRP Price Analysis for September 8
Related
BTC, ETH and XRP Price Analysis for September 8

What's more, there is no liquidity to keep pushing the price down from the current prices. For this reason, traders might expect a false breakout of the $0.2488 mark.

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

The situation is similar on the daily chart. The price of XRP has bounced back to the crucial support at $0.23 supported by an increasing trading volume. Furthermore, the MACD indicator is about to enter the bullish zone. If growth continues, there is a good chance of seeing the coin trading soon at around $0.2596.

XRP is trading at $0.2410 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.