XRP Price Prediction — Are Bulls Aiming for $0.20?

Price Predictions
Thu, 04/02/2020 - 15:38
Denys Serhiichuk
Any there any technical indicators that could hint at a short-term XRP rally?
Cover image via www.tradingview.com

The cryptocurrency market went up after Bitcoin (BTC) bounced off the $6,200 level. Subsequently, all top 10 coins are also in the green.

Top 10 coins by Coinstats

During today's price rally, Bitcoin gained more than altcoins, which has positively affected the dominance rate of the leading cryptocurrency.

BTC’s dominance rate

Let's take a look at the relevant XRP data:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $7 744 086 204

  • Price: $0,175944

  • Volume (24h): $2 108 863 774

  • Change (24h): 2.77%

The data is relevant at the press time.

XRP/USD: the ongoing rally might be a false one

Yesterday, sellers pushed the price of XRP down to break below the blue trend line. In the evening, buyers managed to seize the opportunity and managed to win back the two-hour EMA55.

XRP/USD chart by TradingView

Buyers still have a chance to compete for the $0.187 resistance re-test, but this requires a strong bullish momentum. If the buy volume cannot be increased, the price may fall to the $0.130 area by the end of the week.

XRP/USD chart by TradingView

On the daily chart, the bears are dominating, which is confirmed by the relatively low liquidity at the current levels. What is more, the RSI indicator is forming a bearish divergence.

Related
XRP & Ethereum Plunge 90% From Record Highs as It Risks Big Correction

A decline to the closest crucial area of $0.14 by the end of the current week could is currently the most plausible scenario for XRP.  

The token is trading at $0.1761 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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