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XRP/USD Ripple Price Prediction — Are Institutional Investors Entering the Coin or Why Else Is the Rate Going Up?

Price Predictions
Tue, 04/23/2019 - 03:00
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Denys Serhiichuk
?Are technical and fundamental factors reasons for the price change??
XRP/USD Ripple Price Prediction — Are Institutional Investors Entering the Coin or Why Else Is the Rate Going Up?
Cover image via U.Today

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For the third most popular cryptocurrency, the week has not started off bad – its rate rocketed by almost 3% just in 1 hour.

According to the statistics, the trading volume over the past 24 hours makes up around $1 billion.

Both fundamental and technical factors affect the price change. Taking into consideration the first one, a few days ago, Ripple transferred a total of 107,000,000 XRP in the amount of $36.1 million. One of the transactions in this amount was selling about $6.7 million of its digital assets to a third party. It means that the network is being widely used by large businesses.

Now, let’s get into the details of technical analysis.

XRP/USD chart by TradingView

XRP/USD chart by TradingView

The 1-hour chart indicates the creation of a Triangle pattern pushing the price to $0.3250. During the last week, buyers were fighting against sellers for this zone, and the quotes fluctuated above and under this point all of the time. Currently, it is crucial to fix in the corridor of $0.325 - $0.33 in order to consolidate efforts and move forward.

Related
Ripple (XRP) Trades Sideways but Price Predictions for Next Move Point to a Bullish Move

According to the 3-hour chart, it tells us that the quotes are trading at the lowest levels and a bounce back should definitely occur. In this regard, let’s analyze the MACD and RSI indicators.
XRP/USD chart by TradingView

XRP/USD chart by TradingView

The first one explains that the coin is still in the bullish wave and achieving $0.33 and later, $0.35 is a matter of time.

The RSI indicator is located in the oversold zone, suggesting that sellers are running out of steam, and buyers will come back soon.

What is more, these factors are confirmed by trading volume, which keeps increasing.

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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, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.