XRP Price Analysis — Losing Strength to Hold at $0.20

Price Predictions
Mon, 06/08/2020 - 14:04
Denys Serhiichuk
How long do traders need to wait to see XRP at the local heights?
Cover image via www.tradingview.com

By the second part of Monday, most of the top 10 coins have recovered from the fall over the weekend. However, EOS is the exception to the rule. The rate of this coin has fallen 0.63% over the past day.

Top 10 coins by Coinstats

The BTC dominance rate also keeps gaining strength and is currently at 64.5%.

BTC’s market share

The relevant data for XRP is below.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $8,947,062,390

  • Price: $0.202822

  • Volume (24h): $1,126,818,360

  • Change (24h): 0.16%

This data is relevant at press time.

XRP/USD: Should we expect a blast off soon?

On Sunday, sellers sold a narrow sidewall at the level of average prices and tested the support at $0.20. In the afternoon, buyers reacted by restoring XRP to the two-hour EMA55 and this morning the pair has continued to consolidate in the same narrow range.

XRP/USD chart by TradingView

All of the efforts of buyers are limited by the Point Of Control (POC) indicator line ($0.204). If purchases don't increase, then during the day, the pair will remain on the narrow side. A break out from the POC line may lead to a resistance re-test at $0.213.

XRP/USD chart by TradingView

On the 4H chart, XRP is trading within the descending channel, supported by low trading volume. Even though most of the coins are in the green zone, the third most popular crypto is under bearish pressure. In this case, there is a high probability of seeing the coin at the bottom level of the channel at $0.20 within the next days.

XRP/USD chart by TradingView

On the bigger time frame, daily candles are small, confirming the unwillingness of buyers and sellers to make moves.

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BTC, ETH, XRP, BCH, BSV, LTC Price Analysis - Could a Possible Rise be Applied to All Altcoins?

The trading volume is low. However, the high level of liquidity is focused in the current zone. Respectively, a more likely scenario for XRP is trading in a sideways trend until the end of the week in the yellow range between $0.20 and $0.205.

XRP is trading at $0.2021 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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