XRP Price Analysis — Possible Chance of Reaching $0.21

Price Predictions
Wed, 06/10/2020 - 14:09
Denys Serhiichuk
Should traders start preparing for an upcoming bearish trend for XRP?
Cover image via www.tradingview.com

Most of the top 10 coins are slowly entering a correction phase after a continued sideways period. Only Bitcoin (BTC) and Bitcoin SV (BSV) are in the green zone, having risen 0.19% and 1.29% respectively. 

Top 10 coins by Coinstats

In terms of the weekly analysis of the XRP price, it has continued gradually falling. What is more, the decline is not just against the US Dollar but also in correlation with Bitcoin (BTC).

XRP chart

The relevant data for XRP is as follows.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $8,918,508,186

  • Price: $0.202175

  • Volume (24h): $1,058,269,655

  • Change (24h): -0.42%

The data is relevant at press time.

XRP/USD: Has the sideways trend shifted to a bearish one?

Yesterday morning, the price of XRP fell below the two-hour EMA55 level and tested the support of $0.20 late in the evening. This psychological level kept the pair from further decline and in the morning the pair consolidated in a rather narrow lateral range.

XRP/USD chart by TradingView

Today, growth may resume in the resistance area of $0.213. A break through this level would enable the price to gain a foothold at around $0.220.

XRP/USD chart by TradingView

On the 4H chart, bearish sentiments are getting more powerful, although the trend has not yet changed. Due to high liquidity, there is buyer interest in the current zone. As neither bulls nor bears control the situation at the moment, the sideways movement is likely to continue over the next few days in the range of $0.20 - $0.2050.

XRP/USD chart by TradingView

On the daily chart, XRP has formed a large Triangle pattern. This suggests that a downtrend will likely start soon. Also, the ongoing rise is not accompanied by increasing trading volume. If bears take the pattern down, the bearish trend will resume. In this case, the first stop will be a retest of support at $0.18.

XRP is trading at $0.2016 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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