Though XRP has bounced back reasonably well from its drop in value last month, it’s safe to say that it has seen better days. It currently sits at around $0.28, with a daily trading volume of around $1.35 billion and a market cap of over $12.1 billion, according to CoinMarketCap.
XRP Hourly Chart
Source: XRPUSD on TradingView
From the chart it can be identified that the XRP price trend entered into an ascending channel soon after the price drop towards the end of September.
MACD shows that a bullish crossover has just taken place, indicating that the price is likely to move upwards. The 100 and 200 moving averages moving under the price line also support an upward movement.
However, ascending channels tend to break downwards, which means that the price is likely to continue oscillating in the channel, moving upwards until there is higher bearish momentum, near the end of the pattern.
Overall, XRP seems to be bearish in the short-term. Though the price is likely to continue moving up until the $0.29 resistance, it will probably bounce back down from there to test the $0.26 support, before breaking out downwards in a couple of days.
XRP Forecast and Analysis XRP/USD February 24 — 28, 2020
XRP/USD nd the trading week at the level of 0.2717 and continue to move within the correction and the downward channel. Moving averages indicate a bearish trend. However, prices broke through the area between the signal lines up, which indicates pressure from the bulls. At the moment, we should expect an attempt to start the development of the correction and test the support area near 0.2225. Where again we should expect a rebound and continued growth of the cryptocurrency in the region above the level of 0.5005.
XRP Forecast and Analysis XRP/USD February 24 — 28, 2020
An additional signal in favor of the growth of XRP/USD quotes in the current trading week February 24 — 28, 2020 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the support area. Cancellation of the Ripple cryptocurrency growth option will be a fall and a breakdown of the 0.1505 area. This will indicate a breakdown of the support area and a continued decline in XRP/USD quotes with a target below the level of 0.1205. A confirmation of the growth of the cryptocurrency will be a breakdown of the resistance area and closing of quotations above the 0.3695 area, which will indicate a way out of the downward channel.
XRP Forecast and Analysis XRP/USD February 24 — 28, 2020 suggests an attempt to test the support level near the 0.2225 area. Where can we expect continued growth of quotations with a potential target at the level of 0.5005. An additional signal in favor of the fall of Ripple will be a test of the trend line on the relative strength index (RSI). The cancellation of the option to reduce cryptocurrency will be a breakdown of the area of 0.1505. This will indicate a continued decline with a target below the level of 0.1205.
XRP Positioned to See Major Downside Because of These Simple Factors
XRP’s recent price action has been lackluster to say the least, with its notable surge up to highs of $0.35 being met with significant resistance which, coupled with the bearishness seen across the aggregated crypto market, led it to see a notable retrace.
The cryptocurrency now appears to be in a precarious position, as it is currently caught within a bearish technical pattern that could lead it significantly lower in the near-term.
This, coupled with the fact that the crypto is expressing multiple bearish technical signs, seems to suggest that further losses could be imminent.
XRP Consolidates Around $0.27 as Analysts Eye a Bearish Head and Shoulders Pattern
At the time of writing, XRP is trading own over 1% at its current price of $0.27, which marks a notable decline from its weekly highs of $0.32 that were set earlier this week.
From this point, the crypto saw some choppy trading before moving up to highs of $0.31 on Wednesday, which is when the aggregated crypto market saw an intense selloff that was sparked by Bitcoin’s flash crash from $10,200 to $9,200.
Peter Brandt, a veteran trader and highly respected analyst, spoke about XRP in a recent tweet, explaining that it is a possibility that the crypto is forming a bearish head and shoulders top, which could lead it as low as $0.20 in the near-term.
“It will be interesting to see if this H&S top plays out. If so, the target would be .2071. This Tweet poses a possibility. This is not a prediction,” he explained while pointing to the chart seen below.
These Technical Factors Also Suggest Further Losses Could be Imminent
The bearish head and shoulders pattern Brandt references isn’t the only thing currently counting against XRP, as there is a myriad of other technical factors that suggest further losses could be imminent.
Cold Blooded Shiller – a prominent cryptocurrency analyst and trader – spoke about these factors in a recent tweet, pointing to growing resistance and its recently formed lower high as two of these factors.
“Isn’t XRP just the easiest HTF short right now? Weekly lower high. Weekly SFP. Weekly Resistance. What am I missing aside from pure hopium?”
It is probable that XRP’s price action will be somewhat dependent on that of Bitcoin, as any further BTC downside would likely confirm this bearishness and potentially lead XRP and other altcoins to see significantly further losses.
50 Mln XRP Sent Between Large Crypto Exchanges, Japanese Bitbank Involved
Over the past two days, 50 mln XRP has been moved between three large trading platforms and the Japanese BitBank, which, some assume, may join a new ODL corridor soon
The XRPL Monitor bot has reported several massive XRP transactions that total 50 mln XRP ($13,790,820).
Ripple’s milestones in 2020 so far
This year, Ripple has already made a few major moves – Brad Garlinghouse mentioning a possible IPO this year (though later on he stated he was largely misunderstood) and Brad Garlinghouse getting featured in an interview with CNN’s Julia Chatterley for the second time. This may suggest that Ripple is the only crypto company so far that has been of interest outside the community.
However, as reported by U.Today earlier on Saturday, the head of Tron, Justin Sun, had also made it into the CNN studio for an interview.
Besides, recently it was revealed that Ripple had been included into top 100 cross-border payment companies.
50 mln moved – Binance, Huobi, Bitbank
Since XRP is one of the most popular cryptocurrencies, large transactions made with it attract a lot of public attention.
This time, XRPL Monitor has spotted four transfers totalling 50 mln XRP.
- Binance – Huobi
- Bithumb – Bithumb
- Bitbank – Bitbank
- Anonymous wallet – anonymous wallet
Image via Twitter
Earlier, it was reported that some believed Binance.US and Bitbank were trialling a new ODL corridor for transferring XRP.