XRP/USD Price Prediction — A Rally Against the News About Nasdaq or Any Other Reason?

Price Predictions
Thu, 05/02/2019 - 03:00
Denys Serhiichuk
👂💤Although Ripple cannot boast high prices, XRP remains popular among the community as even Nasdaq has paid attention to it
Cover image via www.123rf.com

These days, Ripple stands out from the top 3 coins, following positive news and the general market growth. Regarding the fundamental factors, 2 pieces of news influenced XRP’s growth.

The first one concerns Nasdaq, which added Ripple's XRP Index (XRPLX) to its Global Data Platform, and the second one is that Ripple split $1 billion of its coins from escrow to the crypto market.

Altogether, this news has pushed XRP’s rate by almost 5% over the day and increased the market capitalization by around $150 million.

Now, let’s switch to price predictions from the technical point of view.

XRP/USD 30-min chart

XRP/USD chart by TradingView

Our earlier Ripple prediction is still relevant, as XRP remains trading above the $0.30 support zone. However, at the time of writing, the coin is located in the descending channel, having lost around 3% by a short period.

Concerning the short-term scenario, the quotes will keep trading above $0.30, as the general trend has not changed to bearish. Moreover, trading volumes are also quite high, and the possibility of a decline is minimal.


XRP/USD 4-hour chart

XRP/USD chart by TradingView

Studying the long-term analysis, one can neglect the current rollback, as the bullish tendencies will keep dominating. Such a scenario is backed by the MACD indicator, which shows an uptrend.

Overall, traders may expect XRP to reach the resistance at $0.36 in the middle of May.

The price of XRP is trading at $0.3155 at the time of writing.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

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.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy