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After a continued rise of the cryptocurrency market, most of the coins have entered the correction phase. At press time, XRP is the only crypto from the top 10 list located in the green zone.
Overall market capitalization has decreased by around $3 bln as a result of a decline of most of the coins. At the moment, its index constitutes $322 bln.
The key Bitcoin data today:
Market Cap: $10,930,567,153
Volume (24h): $1,848,745,000
Change (24h): 1.50%
The data is current at press time.
XRP/USD: Can XRP hold the rise while other coins are going down?
Yesterday the XRP price was able to continue its growth and renew the monthly high around the $0.25 mark. It is worth noting that the coin has won its rightful third place in terms of capitalization on the CoinMarketCap rating, pushing back the recently-ranked-third stablecoin, Tether (USDT).
Over the past night, the XRP/USD pair returned from the maximum zone to the $0.240 area. If today the bulls are unable to take any action to retest the target level of $0.28, then the price may slowly roll back to the support of $0.23.
On a longer time frame, the correction is likely to occur soon. The trading volume is declining and there is not enough liquidity to push the coin higher. Thus, there is a low chance that XRP can grow while other coins are already facing a correction. In this case, bears may drop the altcoin to the closest support at $0.2370 within the next few days.
On the daily chart, the bullish scenario remains relevant despite an ongoing slight decrease. The trading volume is high and buyers are unlikely to let bears push XRP below $0.2361. If bulls hold this level, their next target will be $0.2612—which they may achieve by the end of August 2020.
XRP is trading at $0.2440 at press time.
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 email@example.com