XRP Price Prediction — Bounce Back from Resistance at $0.20?

Price Predictions
Fri, 03/20/2020 - 13:34
Denys Serhiichuk
Does XRP have a chance to rise faster than its competitors?
Cover image via www.tradingview.com

The cryptocurrency market has rebounded and almost all of the top coins are continuing their growth. All of the top 10 coins are in the green zone.

Top 10 coins by Coinstats

Meanwhile, the dominance rate of Bitcoin (BTC) has come back to 65% on the index. This means that altcoins are weaker than the chief crypto against the ongoing correction of the recent sharp dump.

BTC’s dominance rate

The relevant data for XRP is below.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $7 382 766 707

  • Price: $0.168392

  • Volume (24h): $2 997 652 561

  • Change (24h): 8.72%

The data is relevant at press time.

XRP/USD: Have any growth patterns formed yet?

When the top coins drop, XRP drops more slowly - and the same can be said for its growth patterns. Its rise has amounted to 8.53% in the past day while Bitcoin (BTC) and Ethereum (ETH) have risen by more than 10%.

XRP/USD chart by TradingView

The rate of XRP has risen around 30% in the past 5 days. The short-term forecast remains bullish as, based on the volume analysis, there is high demand for the coin.

Related
XRP Price Prediction — One More Effort to Hold Above $0.15

However, XRP is about to settle in a sideways trend for the next few days to consolidate efforts for the continued bullish trend that has been foreshadowed by the support line of the Bollinger Band indicator. In this case, traders can expect XRP to trade between $0.17 - $0.18 shortly.

XRP/USD chart by TradingView

On the daily chart, the picture is even more positive. The level of buying trading volume is absorbing the selling volume of the recent dump. At the moment, XRP is forming a Triangle pattern with a $0.20 level. If buyers can remain above $0.18, it will reach said resistance level by mid-April.

XRP is trading at $0.1676 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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