In the XRP Price Analysis for August 20, the author examines the current state of XRP’s price movement. Bulls are maintaining control, with XRP experiencing a 8.37% increase over the past 24 hours. The resistance level at $0.5283 has been broken, and attention is now focused on the interim mark of $0.55. If buyers can sustain their momentum, the price may continue to rise towards the next zone around $0.57. On the daily and weekly timeframes, the author provides insights and predictions for potential price movements in the coming days. The article offers valuable information for traders and investors looking to navigate the XRP market.
XRP Price Analysis for August 20
Bulls are still holding the initiative, according to CoinMarketCap’s ranking. XRP has seen an increase of 8.37% in the last 24 hours. On the hourly chart, the rate of XRP has broken the local resistance level at $0.5283, with the next zone to watch being around $0.55. If buyers can maintain this momentum, the price may continue to rise towards $0.57.
On the daily time frame, the situation for XRP is looking better. However, it is important to pay attention to the closure of the bar. If it closes without long wicks, the price may test the $0.57-$0.58 zone in the next few days.
On the weekly time frame, it is unlikely that there will be any sharp moves next week after the recent high volatility. The volume has dropped, indicating a potential period of sideways trading in the range of $0.50-$0.55 until the end of the week.
At the time of writing, XRP is trading at $0.5442.
About the Author Denys Serhiichuk
Denys Serhiichuk has over 5 years of trading experience and possesses deep knowledge in both technical and fundamental market analysis. He started his blog on TradingView, where he publishes relevant information and makes predictions about top coins. In addition, he has worked in top blockchain-related companies such as W12, Platinum Listing, ATB Coin, and others. Denys can be contacted at denys.serhiichuk@u.today.
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BTC, ETH, XRP, ADA, and BNB Price Analysis for August 21
In addition to the XRP price analysis, let’s take a look at the price analysis of other top cryptocurrencies.
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Bitcoin (BTC): The price of Bitcoin has been relatively stable, with a slight increase in the last 24 hours. It is important to monitor the price movement and look for any potential breakout or reversal patterns.
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Ethereum (ETH): Ethereum has shown some positive momentum, with a slight increase in price. Traders should watch for any signs of a trend reversal or continuation.
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Cardano (ADA): Cardano has experienced a slight decrease in price. It is important to monitor the support and resistance levels to identify potential trading opportunities.
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Binance Coin (BNB): Binance Coin has seen a slight increase in price. Traders should monitor the price movement and look for any potential breakout or trend continuation patterns.
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In conclusion, the XRP price analysis indicates that bulls are currently holding the initiative. The hourly chart shows a break of the resistance level at $0.5283, with the potential for further upside towards $0.57. On the daily time frame, a positive scenario is likely if the bar closes without long wicks. The weekly time frame suggests a period of sideways trading in the range of $0.50-$0.55. Traders should also keep an eye on the price movements of other top cryptocurrencies, such as Bitcoin, Ethereum, Cardano, and Binance Coin. Additionally, the launch of PayPal’s stablecoin PYUSD on a major US exchange highlights the growing acceptance of stablecoins in the market. Stay informed with our daily newsletter for the latest news, interviews, and price analysis.
