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XRP Price Analysis for 9/21

Can bulls bounce off the support of XRP at $0.20 and seize the initiative?

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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.

Monday has begun with a bearish wave on the cryptocurrency market as all Top 10 coins have returned to red. The main losers are Chainlink (LINK) and Polkadot (DOT), whose rates have declined by 15.35% and 13.25% respectively.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The market drop has affected the total capitalization index, which has lost $10 bln since yesterday and now stands at $339 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for XRP is looking the following way:

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Ads

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $10,762,384,126

  • Price: $0.238939

  • Volume (24h): $2,283,280,209

  • Change (24h): -4.31%

The data is relevant at press time.

XRP/USD: Can traders expect $0.20 in the short-term scenario?

On Sunday, sellers pushed through the 2-hour EMA55 and the XRP price rolled back to the $0.242 mark. However, sales were below average and buyers are trying to recover the pair tonight.

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

On the 2H time frame, the Stoch RSI indicator lines in the overbought zone formed a signal for a decline. It is highly probable that, in the first half of this week, the decline will continue to the support at $0.230.

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

On the bigger chart, XRP is trading in the short-term bearish trend. The drop is not about to finish soon, as the selling volume keeps increasing.

👉 MUST READ BTC, ETH, XRP Price Analysis—Have Bears Already Seized the Short-Term Initiative?related article image

Thus, the lines of the MACD indicator are already in the "short" zone and there are no signals of a possible trend change. All in all, there is a high chance of seeing XRP at the support of $0.23 by the end of the week.

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

On the weekly time frame, the situation is also bearish as XRP has not finished the correction wave before continued growth. The bearish divergence on the RSI indicator confirms an ongoing decline. Analyzing the liquidity, most of it is focused in the range of $0.19-$0.22. In this regard, buyers are likely to show resistance at around $0.2250. If the trading volume increases, one may expect a potential reversal.

XRP is trading at $0.2369 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