Back

XRP Price Analysis for 08/07

Can XRP surpass the growth of Bitcoin (BTC) and Ethereum (ETH) in the long-term forecast?

article image
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

A bullish mood prevails even on the last day of the work week. However, if yesterday Bitcoin (BTC) was the fastest growing crypto, today, the situation has changed. Bitcoin Cash (BCH) has risen by more than 10% over the previous 24 hours.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Meanwhile, market capitalization keeps rising and the current index constitutes $359 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant XRP data today:

Ads
Ads

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $13,823,417,558

  • Price: $0.308128

  • Volume (24h): $2,299,139,872

  • Change (24h): 2.45%

The data is current at press time.

XRP/USD: Can XRP grow faster than most of the other altcoins for a while?

Yesterday, in the first half of the day, the XRP price balanced at around $0.30. In the second half, buyers tried to continue the recovery, but they failed to gain a foothold above the $0.310 level.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

One continues to look forward to supporting the two-hour EMA55 and expects it to update to local peaks. If buyers are able to form a bullish momentum, it will be possible to establish a new annual high in the $0.35 area.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

XRP quotes have confidently broken through the upper border of the ascending channel, which serves as a strong signal for continued growth of the value of the asset. The nearest resistance is located at the level of $0.3470, the breakdown of which will cause a rapid rise to the level of $0.4845.

👉 MUST READ BTC, ETH, XRP Price Analysis for 08/04related article image

An additional signal in favor of the variant with the continuation of the bullish impulse will be a rebound from the trend line at the RSI, where buyers were able to confidently break through the resistance.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

On the 4H time frame, quotes rise within the ascending channel. The price is constantly bouncing off the moving averages, which indicates the strength of the current trend. Here, the "triangle" model is formed, the upward breakdown of which, with price fixing above the $0.3280 level, will confirm the confident continuation of growth toward the target at $0.3825. Another bounce off the RSI support line will also favor this option. Cancellation of this option may be a breakdown of the lower border of the "triangle" figure with price fixing below the level of $0.2695. In this case, one should expect a further decline to the level of $0.2130.

XRP is trading at $0.3087 at press time.

Join our Telegram channel to get news even faster!

article writer image
Denys Serhiichuk

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@cryptocomes.com