Original U.Today article

XRP Price Analysis for August 19

Can XRP come back to $0.30 before a deep correction starts?

Price Analysis

Wed, 19/08/2020 - 14:05

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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%.

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.

The key data for XRP is looking the following way:

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Name: XRP

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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.

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

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.

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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.

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.

#XRP Price Analysis

About the author

Denys Serhiichuk

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, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.