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XRP Price Analysis for May 20

Sat, 05/20/2023 - 18:00
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Denys Serhiichuk
Can XRP keep rising against fall of other coins?
XRP Price Analysis for May 20
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.

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Bears are giving no chances to bulls, according to CoinMarketCap's ranking.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

XRP is an exception, rising by 0.55% over the last 24 hours.

XRP/USD chart by TradingView

Image by TradingView

On the hourly chart, XRP is trading near the recently formed resistance at $0.4684. Currently, traders should focus on that mark. If the closure occurs around it, the growth may continue to the $0.47 zone and above.

XRP/USD chart by TradingView

Image by TradingView

On the daily chart, the picture is also more bullish than bearish as the rate keeps slowly rising. The volume is also high, which means that buyers might seize the initiative. If the growth continues to the $0.48 mark, the accumulated energy may be enough for a resistance breakout.

XRP/USD chart by TradingView

Image by TradingView

The weekly candle is about to close above the previous peak at $0.4101. Besides that, the closure may happen near the resistance, which means that there is a high possibility to see a further upward move by the end of the month.

XRP is trading at $0.4669 at press time.

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