XRP Price Prediction — $0.17 or $0.15? Which One First?

Price Predictions
Fri, 03/27/2020 - 13:50
Denys Serhiichuk
Can the current price blast of XRP be considered false?
Cover image via www.tradingview.com

Slowly but surely the cryptocurrency market is rising. While Bitcoin (BTC) is sitting in a relatively sideways trend, some altcoins are showing good price dynamics. 

Top 10 coins by Coinstats

As Bitcoin (BTC) trades sideways, its dominance rate has slightly dropped and now amounts to 65.6%. 

BTC’s dominance rate

The relevant data for XRP is below.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $7 685 472 170

  • Price: $0.175043

  • Volume (24h): $2 603 092 352

  • Change (24h): 8.42%

The data is relevant at press time.

XRP/USD: Can the ongoing sharp rise continue?

Against ongoing market uncertainty, XRP is the exception to the rule. The rate of the coin has rocketed by 8.30% over the past day. It has been the biggest gainer of the top 10 coins.

XRP/USD chart by TradingView

According to the chart, XRP has shown a significant price rise in just one candle. However, the growth was accompanied by increasing trading volume, which is unlikely to be a false breakout.

XRP Price Prediction — Focusing on a Correction at $0.15

As a more likely scenario, XRP may keep trading in a corridor between $0.1750 and $0.18. It is too early to consider even a start of a short-term uptrend as other cryptocurrencies have not yet shown such big upward movement. 

XRP/USD chart by TradingView

On the daily chart, XRP is doing much better. The MACD indicator is bullish and the current level is not the local peak. In addition, the coin is forming a Triangle pattern with the resistance zone at $0.18. If the current growth continues, buyers will reach it within the next week.

XRP is trading at $0.1743 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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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