Cryptocurrency Forecast;There Is A Bottom In Place For Ethereum, XRP, and EOS

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Cryptocurrency Forecast;There Is A Bottom In Place For Ethereum, XRP, and EOS

Cryptocurrency Market Simmers, Waiting For Catalyst

With Bitcoin prices wallowing at their new support level traders are waiting for the next catalyst. The most likely culprit will be the halvening next year but that doesn’t mean that aren’t trades to be made before then.

Ethereum; Moving Up From A Bottom

Ethereum is consolidating above its short-term moving average and looking bullish. The world’s “most advanced” cryptocurrency has formed a double-bottom reversal pattern and on the verge of confirming a full reversal in price action. Resistance is just above today’s price action at the $190/$200 and likely tested at least. MACD momentum is bullish but weak, the stochastic is where the action is now. Stochastic is firing an entry signal that points to a retest of $200 and possible break to new highs. If $200 is broken a move up to $220 and $240 is likely.

Ripple, XRP, Who Cares

The folks over at Ripple say they have no control over the token that drives their blockchain but so what? XRP or Ripple it’s still a token that no one really wants to own. The coin is showing signs of a bottom here but they are weak. The coin is still well below resistance targets at the recent highs and showing bearish signals. XRP may find support at the short-term moving average and produce a bounce but I’m not counting on it. More likely, XRP will drift sideways to lower until some more substantial news comes out.

EOS, There’s A Bottom In Play Here

If you want to find a coin, token what-have-you worth trading all you have to do is look at the charts. The chart of EOS is a prime example. It is showing a much clearer indication of bottom that XRP and that tells me this is a coin people want to own. EOS hit a new low in late September, moved sideways, and then moved higher to regain the upper side of the short-term EMA. This movement can be considered a double-bottom and/or a tower-reversal due to the two long candles that formed at either side of the pattern. The caveat is the reversal is still early and weak, prices are moving higher but have not yet moved above the double-bottom baseline. The baseline is just above today’s price action near $3.50, a move above that would be very bullish. At that point I would expect to see EOS advance to $4.00 and $4.50.

XRP at Risk of Losing Top 3 Cryptocurrency Position

With the year-to-date, the price of XRP has fallen by 20 percent against the USD after recording an 80 percent price increase in mid-February. After seeing one of the steepest declines in recent years, it is at risk of losing its position as one of the top three cryptocurrencies.

Apart from one brief period when Bitcoin Cash overtook both XRP and Ethereum, XRP has consistently been atop the three crypto assets since 2020.

XRP has been able to secure and maintain the number three spot primarily because of the large gap between the third and fourth largest cryptocurrencies in terms of market capitalization within the global market.

Following a lackluster year in 2020 and a severe sell-off in the past three weeks, XRP is now at risk of falling behind Tether.

Can Tether Overtake XRP?

Currently, the trend of the cryptocurrency market is highly correlated with the U.S. stock market due to the various macro and geopolitical risks.

The global equities market responded with low levels of buying demand subsequent to the worst performance of the U.S. stock market in 1987, placing the cryptocurrency market in a vulnerable position to an extended correction.

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On March 12th, as the Dow Jones Industrial Average (DJIA) crashed by 9.99%, the price of Bitcoin (BTC) briefly dropped by 50 percent to $3,600, amidst the worst cascade longs liquidation in the market’s history.

With the price of BTC losing momentum and at-risk of flash crashing to near-zero levels, alternative cryptocurrencies such as XRP and Ethereum fell to multi-year lows.

The price of XRP fell to as low as $0.11, its lowest point since mid-2020. At $0.11, the market capitalization of XRP hovered at around $4.8 billion, based on its supply of 43,818,008,717.

As of March 15th, the market capitalization of Tether, a stablecoin whose value is pegged to that of the U.S. dollar, is $4.6 billion. If the price of XRP falls below $0.11 in the coming weeks, it faces a strong possibility of being overtaken by Tether and falling to the number four spot.

Investors are Moving to the Stablecoin Market

Subsequent to the sudden crash of Bitcoin, which nearly killed several cryptocurrency markets such as decentralized finance (DeFi), investors including Multicoin Capital’s Tushar Jain are moving increasingly towards stablecoins and fiat.

The uncertainty in the cryptocurrency market, especially with the instability in the U.S. stock market, has led confidence levels in the asset class to noticeably drop.

About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2020. He has worked with various recognized publications in both the finance and cryptocurrency industries.

2020 Ripple (XRP) Price Analysis and Forecast for 2020 [Key Levels & Trends]

Interest per week

Interest per year

The probability that you’re interested in crypto and don’t know about Ripple is extremely small. But newcomers should know what XRP is in more detail, including its history, and after that go on to forecasts for 2020. Looking ahead, it seems to us that the prospects of Ripple, up to 2020, are very good.

Ripple is one of the largest cryptocurrencies. Today it is in third place among all cryptocurrencies. Its capitalization exceeds $18.5 billion. The main task is to make instant money transfers, regardless of currency, amount and geolocation. That is, Ripple offers a simpler and more affordable way to exchange currencies, trying to replace existing methods.

The main Ripple coin is XRP, which helps to carry out transfers within the system, serving as an intermediary. Unlike many cryptos, Ripple doesn’t use blockchains for conducting transactions. What is also interesting — there is no possibility to mine XRP tokens, and their limit number is 100 billion. Today, only 42 billion tokens are available, the rest is controlled by Ripple.

History of Ripple

We will not describe the entire history of Ripple’s creation and development, as one of the key cryptos. Instead, we will consider XRP as an investing crypto asset, which means we will focus on historical highs and lows of price:

From its inception in 2020 and up to the beginning of 2020, the price of XRP didn’t exceed $0.02.

Against the background of the crypto market overall growth due to investing in Bitcoin in 2020, the price of Ripple rose to $0.2, and by the end of the year reached $3.3.

Like all cryptos, 2020 was marked by a protracted fall, the price of the XRP dropped over the year to a level of $0.27-0.30.

Despite the end of the winter crypto, Ripple showed no explosive growth after the spring events, at the moment the price of the XRP exceeds $0.4.

Let’s talk about the latest events around XRP in more detail.

Analysis of Ripple price for the previous period of 2020

Experts agree that the crypto winter is coming to an end. This means that the period of market decline is over and in the near future, we will expect growth and a favourable mood to enter the market. However, things are not so simple with Ripple. Looking at the three-time growth of Bitcoin over the past 5 months, one would expect a similar result from XRP.

It is no secret that Bitcoin sets the general mood of the market. In this case, the logical growth would have looked at least beyond the level of $0.6, or even $0.9, but it didn’t follow. To call Ripple developers actions wrong is impossible. The company is actively developing, expanding the sphere of influence, enlisting the support of large financial institutions and constantly improving the technology of transfers. In addition, Ripple is owned by SBI, a large corporation with companies such as R3. Everything indicates that the current situation, only the calm before the storm, in our case, before the explosive growth.

Analysis and forecast of XRP price from the experts

First of all, it’s worth assessing forecasts and analyses of Ripple price for 2020 from recognized experts of the TradingView site. It’s very useful to compare different opinions of experienced people in search of the truth.

In support of the idea concerning a rapid rise in Ripple’s price, we paid attention to the analysis and forecast from the user ThinkingAntsOk, located on the platform on June 17. According to him, from mid-April, Ripple is inside the descending channel and now it can pierce it. The price of XRP has for a long time been repelled from the support zone, and in the case of overcoming the channel’s upper boundary in the area of ​​$0.48, it may rush to a new support zone. The forecast for the positive development of events is $0.75 for 1 XRP.

Another user supporting Ripple’s growth theory is YinYangCrypto. His analysis shows that the XRP/USD pair has practically formed a bullish triangle, after the completion of which a phase of explosive growth will begin. It will also be wavy. According to user forecast, the price may well increase by 2 times, breaking the mark of $0.8. The change of movement will take several months.

The last interesting analysis was made by user amfeix. We also largely agree with him. His forecast predicts active growth in the near future. A few days ago Ripple agreed to invest $50 million in MoneyGram, so they became partners. These events have already caused growth to the level of $0.43. If the price of Ripple consolidates in this zone, the next step will be $0.47 — a very important value that it hasn’t been able to break through since mid-May. If this mark is succeeded to overcome, the user predicts explosive growth for XRP.

Ripple price forecast for 2020

We also have our own thoughts and forecast for Ripple’s price. We should immediately say that the investing potential of crypto looks promising, it really has useful features designed to simplify life. In our opinion, several factors affect Ripple’s current and future price:

The mood of the market that Bitcoin sets.

The correct steps of Ripple’s owners.

A crypto interest of community fueled by the news.

Despite the fact that Ripple didn’t show growth after the Bitcoin pump, it’s impossible to deny the influence of the first cryptocurrency on XRP. A Ripple price analysis and forecast is impossible without taking into account the movement of the BTC; the events of May 15 were a clear confirmation of this. Since then the price of XRP has soared by 50%, from 30 cents to 45. Approximately in the area of ​​this mark, the coin is being traded now.

An important event capable of pushing the price even higher is the partnership with MoneyGram. Against the background of this news, Ripple added a few cents in price, the daily trading of the coin also increased.

Conducting technical analysis of Ripple, you need to look at the indicators. Most moving averages indicate that now is the time to buy XRP. While oscillators show neutral values, and sometimes even signal in favour of selling.

On the monthly time period, it can be seen that the key support zone is the corridor of $0.38-0.40. Another important area in which Ripple’s price is now is $0.42-0.44. If XRP doesn’t stay at this level, it will be important not to fall below the first support zone. In the case of its penetration, Ripple may fall below $0.36. This development is unlikely, but anything is possible on the crypto market. Keep it in mind.

The positive part of the analysis is that the existing trend line is ascending. The key level is the mark of $0.47-0.48. If we succeed in gaining a foothold in this value region, explosive growth will follow. The Ripple scenario is more likely about growth than the fall.

If the market remains bullish, the price of XRP will rise anyway, the only question is how much. The analysis shows the following perspectives:

Minimally, we predict that Ripple will add 50% in price until the end of 2020, which is $0.6-0.65.

With the optimal situation, the price can overcome $1.

If the actions of the company’s management will bring positive results, we can forecast x3-4 in prices until the end of the year.

In any case, to enter the market on highs is wrong. We advise you to begin investing in Ripple and other cryptos, if not during the fall, then during the correction period. That way it is less likely to miss profits. Follow our forecasts and choose crypto assets wisely!

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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