XRP Price Prediction — How Long Can Bulls Hold Above $0.20?

Price Predictions
Thu, 04/09/2020 - 10:20
Denys Serhiichuk
Has the roll back of XRP started yet?
Cover image via www.tradingview.com

Even though most of the top 10 coins are still in the green zone, the bearish mood is getting more powerful. The top gainer is Tezos (XTZ), whose rate has risen by more than 5% since yesterday. However, if a few days ago the price of Bitcoin Cash (BCH) was rising due to the halving, today it is located in the red zone, showing a 3.39% decrease.

Top 10 coins by Coinstats

While Bitcoin (BTC) continues trading sideways, the rates of altcoins have been more volatile, which has influenced the market share of the main crypto. Its index has slightly dropped recently and is now 64.1%.

BTC’s market share

The relevant data for XRP is below.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $8 763 608 030

  • Price: $0.199268

  • Volume (24h): $1 847 435 158

  • Change (24h): 0.22%

The data is relevant at press time.

XRP/USD: Analyzing chances of holding above $0.20

XRP trading volumes were at their usual average level yesterday. Buyers could not overcome the resistance of the upper trend line, and the price fluctuated all day at the psychological $0.20 mark.

XRP/USD chart by TradingView

Today, the price decline may be limited to the support at the bottom up trend line. If sellers succeed in pushing support for $0.187, then the chances of a re-test of the $0.213 resistance will sharply decrease.

XRP/USD chart by TradingView

On the daily chart, XRP has formed a bearish divergence on the RSI indicator. Moreover, the trading volume has continued dropping, which means that it has already reached a local high and the correction has come. Summing up, the nearest zone XRP might reach is the support at $0.18.

XRP is trading at $0.1984 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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