XRP Price Prediction: Accumulating Efforts for Breakout to $0.22

Price Predictions
Sat, 05/02/2020 - 14:43
Denys Serhiichuk
Has the time passed for XRP traders to open long positions?
Cover image via www.tradingview.com

After a slight correction, the bulls are back in the game and are ready to push the rates for the top 10 coins to new heights. However, none of the cryptocurrencies have surpassed 1% growth.

Top 10 coins by Coinstats

The fast rise for Bitcoin (BTC) with each passing week has positively influenced its market share, increasing it by 2 points and is currently at 65.5%.

BTC’s market share

The cryptocurrency market capitalization has also grown by around $30 billion since last week, and at the moment, constitutes $245.1 billion.

Market capitalization

Below is the relevant data for XRP and how it is looking today:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $9,703,831,691

  • Price: $0.219977

  • Volume (24H): $2,122,138,604

  • Change (24H): 0.88%

XRP/USD: Can Buyers Continue to Recover in the Overheated Market?

Yesterday, buyers were able to restore the price of XRP to the $0.225 area, but by the end of the day, sellers pushed the price back down to the average price level and its support level of $0.213. During the Asian session, the market was no longer feeling pressure from sellers, and the pair were able to recover above the EMA55 level.

XRP/USD chart by TradingView

At the moment, the price of XRP is balancing around the average price level, but if the bears continue to exert pressure, it will go down to the dotted trend line.

XRP/USD chart by TradingView

Looking at the daily chart, the overall picture is positive for the third most popular crypto. The rate continues to go up alongside the trading volume, which is a good sign in terms of further growth.

Related
XRP Price Prediction — When Will Bears Reach $0.20?

The 50-Day Moving Average (50 MA) has recently changed its position and is now trending upwards. If XRP can break its resistance level at $0.2320, the next important level is $0.25. All in all, there is a high probability that the bulls will attain this next week.

At press time, XRP was trading at $0.2201.

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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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