XRP Price Prediction — When Will Bears Reach $0.20?

Price Predictions
Thu, 04/30/2020 - 13:55
Denys Serhiichuk
Can the price movement of XRP be an example for other top coins to follow?
Cover image via www.tradingview.com

The cryptocurrency market has shown a quick rally over the past 2 days, followed by the growth of Bitcoin (BTC) up to $9,500. At the moment, some of the top 10 coins are already in the red zone, while the main crypto is dominated by bulls.

Top 10 coins by Coinstats

The sharp growth of the cryptocurrency market has positively affected its market cap, which has risen by $10 Bln over the past day with its value now at $240.5 Bln.

Market capitalization

The relevant data for XRP is below.

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $9 558 040 861

  • Price: $0.216672

  • Volume (24h): $3 429 643 442

  • Change (24h): -2.54%

The data is relevant at press time.

XRP/USD: Can bulls maintain the ongoing growth to $0.25?

XRP is the first coin from the top 3 list that has already started its correction after yesterday's rally. The price of this crypto has dropped 2.17% over the past 24 hours. However, the rise over the past week has amounted to 14%.

XRP/USD chart by TradingView

On the 4H chart, the current decline is considered a correction of the sharp growth but not the start of a bearish short-term trend. XRP continues trading above the $0.21 level, confirming the bulls' pressure. Moreover, the lines of the Bollinger Bands indicator are moving up.

Related
Almost 300 Mln XRP Moved in Lump Sums as XRP Price Hits $0.23

Summing up, buyers need 'fuel' to push the rate higher. In this case, a more likely scenario is consolidation in the range between $0.2150 and $0.22 within the next days.

XRP/USD chart by TradingView

Yesterday, the XRP price broke through the resistance of the two-day moving average EMA200, and at night it set the April high at $0.236. Today, a breakthrough of the upper trend line is possible, but after the hype gradually fades, the pair might return to the green ascending corridor.

XRP is trading at $0.2159 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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