XRP Price Analysis for August 19

Price Predictions
Wed, 08/19/2020 - 14:05
Denys Serhiichuk
Can XRP come back to $0.30 before a deep correction starts?
XRP Price Analysis for August 19
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 correction has reached almost all coins from the Top 10 list except for Chainlink (LINK), whose rate has increased by 2.29% since yesterday. Meanwhile, the top loser is EOS, which has lost more than 7%.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The current decrease in the market has negatively affected the total capitalization index, which has declined by $12 bln and now stands at $365 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The key data for XRP is looking the following way:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $13,294,613,263

  • Price: $0.295813

  • Volume (24h): $2,189,804,611

  • Change (24h): -4.49%

The data is relevant at press time.

XRP/USD: Can the altcoin come back to $0.30 by the end of the month?

The XRP price yesterday suspended its decline at the level of average prices, but this morning the pullback continued below the POC indicator line ($0.294). During the European session, the pair will reach support at $0.280. At the moment, it is the biggest loser out of the Top 3 coins.

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

One might assume that, in this area, the decline will slow down significantly, and the daily minimum will be around the $0.270 mark.

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

On the 4H chart, XRP has found a local support at $0.2850. Even though the decline might not have finished yet, bulls are about to make a retest of the $0.30 mark followed by a deeper price drop.

Related BTC, ETH, XRP, LINK, BCH and LTC Price Analysis for August 17
BTC, ETH, XRP, LINK, BCH and LTC Price Analysis for August 17

If a false breakout of $0.30 is confirmed, bears may push XRP to the support of $0.2757 which can be achieved by the end of August.

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

In the longer term, XRP has formed a double top pattern, which is considered a reversal. Thus, the declining trading volume confirms such a scenario, as well as a low liquidity level. Currently, bears dominate the market; the trend may change when the coin gets to the important support level at $0.27.

XRP is trading at $0.2940 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.