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XRP price analysis for 08/12

Has XRP approached the reversal zone, or not yet?

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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.

The cryptocurrency market has faced a more profound correction than usual as most of the Top 10 coins are in the red zone. The only exception to the rule is Chainlink (LINK), which rate has gone up by 12.97% over the past day.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The total market capitalization has also declined over the last 24 hours and the current index makes up $353 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for XRP today:

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  • Name: XRP

  • Ticker: XRP

  • Market Cap: $12,814,550,706

  • Price: $0.285283

  • Volume (24h): $2,263,167,842

  • Change (24h): -3.18%

The data is relevant at press time.

XRP/USD: When can bulls return to $0.30?

Yesterday, the psychological level of 0.30 USD could not withstand the onslaught of sellers, and the XRP price broke through the immediate support in the form of the two-hour EMA55.

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

The decline was stopped only around the level of $0.28. But, as of this morning, the price decline may still continue to the area of the $0.26 mark. When the Stoch RSI indicator lines, in the oversold zone, form a reversal signal on the daily time frame, the pair might begin to recover to the psychological level of $0.130. It is possible that prior to this moment, bears will have time to push the price back to the support at $0.25.

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

On the 4H chart, XRP has formed a falling channel and there are no prerequisites for a trend change at the moment. From a technical point of view, the fall may decline to the bottom of the channel at $0.25.

👉 MUST READ BTC, ETH, XRP Price Analysis for 09/08related article image

Even though a slight growth to $0.30 is possible, such movement is likely to be considered a false breakout as the trading volume, as well as the liquidity level, is not enough to update peaks.

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

On the daily time frame, the decline may finish soon as XRP is about to retest the $0.27 level where bulls may show their strength. The selling trading volume is at the lowest level, which means that sellers are losing their power. Due to this, there is a chance of seeing a bounce off to the closest resistance area at $0.3077 by the end of August.

XRP is trading at $0.2844 at press time.

 

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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