XRP Price Analysis for July 27

Price Predictions
Mon, 07/27/2020 - 14:00
Denys Serhiichuk
Can XRP repeat the growth wave of Bitcoin (BTC)?
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.

Bulls are realizing their potential accumulated over a long period of time. At the moment, most of the top 10 coins are in the green zone except for Cardano (ADA) and Binance Coin (BNB), whose rates have declined by 0.91% and 1.65% respectively.

Top 10 coins by Coinstats

Against the sharp rise of mostly Bitcoin (BTC) and some other popular altcoins like Ethereum (ETH), the total cryptocurrency market capitalization has increased by almost $10 bln over the last day.

Cryptocurrency market capitalization

The relevant XRP data stacks up like this:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $9,914,015,495

  • Price: $0.221054

  • Volume (24h): $1,264,735,489

  • Change (24h): 3.06%

The data is relevant at press time.

XRP/USD: Can bulls quickly reach $0.25 before a correction starts?

On Saturday, the XRP price broke through the $0.213 resistance and renewed the monthly high at the $0.218 point. On Sunday, bulls continued their growth and the next July maximum was set at $0.225.

XRP/USD chart by TradingView

Growth is possible today to the resistance zone of $0.230. The April maximum was recorded a little above this level at $0.236. Due to the strong overheating of the market, the XRP/USD pair may soon roll back to the support of $0.213.

XRP/USD chart by TradingView

On the daily time frame, XRP keeps growing against a relatively high trading volume. However, the rise is slowing down as there is almost no buyers' interest in the area around $0.23 based on the liquidity level. This is why a decline prevails over continued growth in the long-term perspective. In this case, the top of the rising channel at $0.2317 might be the endpoint of the growth, followed by a correction.

XRP/USD chart by TradingView

On the weekly time frame, the situation is much better as the lines of the MACD indicator are going up, confirming the presence of buyers. The bullish divergence on RSI considers the ongoing rise of XRP by the end of summer to the beginning of fall 2020. The first obstacle at which the bears may show resistance is the $0.3091 mark. This is a long-term perspective, likely to be seen closer to the end of the current year.

XRP is trading at $0.2208 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.


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