XRP Price Prediction — Chances for $0.01 Breakout Increase

Price Predictions
Mon, 03/16/2020 - 13:56
Denys Serhiichuk
Can XRP show growth against the falling market?
Cover image via www.tradingview.com

Although XRP has tried to resist the ongoing cryptocurrency market decline for a long time, it is also located in the red zone. The decline over the last week has amounted to almost 35%, which is much less than Bitcoin (BTC) and Ethereum (ETH), which have lost 42% and 47% respectively.

Top 10 coins by Coinstats

On the other hand, the XRP rate has risen against Bitcoin (BTC). As one can notice, the growth has been significant over the past week.

XRP chart

Relevant data for XRP is below.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $5 926 373 985

  • Price: $0.135250

  • Volume (24h): $2 352 933 430

  • Change (24h): -14.11%

The data is relevant at press time.

XRP/USD: Trying to resist the falling market

XRP is showing one of the best price dynamics against the falling market. Its rate has declined by 14% over the past 24 hours, which is a much smaller drop than most of the other coins from the top 10 list have experienced.

XRP/USD chart by TradingView

On the 4H chart, XRP failed to stay above $0.16, having confirmed the absence of buyers even in the short-term. The MACD indicator is moving downward and the ongoing decline is accompanied by rising selling volume. Summing up, the short term price forecast is a decline to $0.12.

XRP/USD chart by TradingView

On the bigger time frame, the situation is even worse. There is no liquidity at current levels, meaning that the bearish trend may last a long time.

Related
XRP at Risk of Losing Top 3 Cryptocurrency Position

In this regard, the next support zone is located around the $0.10 level. The daily MACD is also red without any signals of a potential reversal.

XRP is trading at $0.13 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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