XRP Price Prediction — Analyzing Reasons for Break to $0.25 Resistance

Price Predictions
Thu, 03/05/2020 - 14:05
Denys Serhiichuk

Do we see any signals of a breakout from XRP to the $0.25 zone?

Cover image via www.tradingview.com

The cryptocurrency market may have finished its correction period and might be returning to its previous heights. All of the top 10 coins show positive price dynamics. The biggest gainer has been Tezos (XTZ), which has rocketed by more than 10% in the past day.

Top 10 coins by Coinstats

It's worth noting, that the price of XRP has almost not changed at all in the past week, despite its rate rising by 2.89% over the last 24 hours.

XRP chart 

The important data for XRP is below.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $10 525 399 415

  • Price: $0,240418

  • Volume (24h): $2 313 788 519

  • Change (24h): 2.95%

The data is current at press time.

XRP/USD: Any resistance from bears at $0.25?

XRP quotes on the daily chart continue to fall. The price returned to below the moving averages, which are used in the presence of a bearish trend. It is not yet possible for the bulls to seize the initiative.

XRP/USD chart by TradingView

However, uplink support is also important. On the RSI, one can see regular upward corrections as it tested the 30 region on the indicators. 

XRP/USD chart by TradingView

On a 4H chart, the price has adjusted as a part of the Triangle model. The values of the RSI indicator broke through the downward trend line, indicating probable upward movement.

Related
500 Million XRP Moved: Here’s Why It’s Unlikely to Turn Into Selling Pressure

However, one should not exclude attempts to test the $0.21 level, where the broken trend line is located, and only after that - the beginning of price growth. Confirmation of the rise will be a breakdown of the upper boundary of the downward channel with quotes remaining above the $0.25 level.

XRP is trading at $0.2405 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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