We will be inspecting historical price data and market sentiment for Ripple, so that we can establish an XRP price prediction for April 2020.
XRP is the native crypto of the Ripple blockchain, used in effectuating transactions and powering its payment technologies. The coin currently holds the 3rd position according to a market cap of $7,561,093,706 and has a current trading price of $0.172210, with an increase of 6.48% in the past 24-hour period. 43.906.191.900 XRP are in circulation on the market at the moment out of a total of 99.991.030.755 XRP. In the past 24 hours, a $2,369,722,063 trading volume was recorded for XRP.
Ripple (XRP) Price Prediction: Analysis
Ripple charts now show a serious consolidation pattern after the huge price drop from mid-March. Since February 15th the XRP/USD pair lost 50% of its value, going down from $0.34.78 to $0.1622. Ripple recovered from its lowest price of $0.1105 low on 13th March, with the coin establishing new higher lows every week, $0.13 (March 16th) and $0.15 (March 21), respectively. Some analysts still believe that on the higher timeframes, XRP is still going through a firm downtrend, while others predict that this is the sign of a bullish formation.
On March 12, Ripple (XRP) managed to trade above the $0.20 level, but then dropped back down to $0.13 and kept on consolidating. The coin is currently trading sideways, varying in price between $0.12 and $0.17. The main problem is that the resistance is just above $0.17, and Ripple has failed to reach or surpass this value.
The major support levels are currently at $0.158 and $0.156, and if the coin drops lower than those values, Ripple could go right back to $0.11 support.
The first major resistance is set at $0.165 level, with $0.171 being the highest resistance level. If the coin manages to break past $0.171, then this could move XRP outside of the recent consolidation trend and push it to reach $0.2000.
The trader with the handle “TradingShot” put forward two likely possibilities for XRP’s price evolution:
“There are two scenarios for XRPUSD right now: Either (A) a +220% Lower High rise as in 2018 to $0.30 or (B) a slower rise to a Lower High at $0.24 assuming the April heavy sell-off was an anomaly caused by the coronavirus panic.”
WalletInvestor’s pivot, resistance, and support levels for XRP are:
- Resistance Level (R3): 0.171
- Resistance Level (R2): 0.167
- Resistance Level (R1): 0.165
- Pivot Point: 0.161
- Support Level (S1): 0.158
- Support Level (S2): 0.154
- Support Level (S3): 0.152
On March 24th, 174.4 million XRP were moved over the course of 11 hours, with the three biggest transfers having been made by Ripple, totaling 130 mln XRP.
100 mln XRP were transferred from one Ripple wallet to another. 30 mln XRP were delivered to multi-signature wallets hosted by the BitGo platform.
On March 19th, Ripple announced a new partnership with Thai fintech startup, DeeMoney. DeeMoney is currently using Ripple’s payment messaging system to process inbound payments to Thailand from South Korea, Indonesia, Singapore, Israel, Middle East, and Gulf regions.
“DeeMoney provides same-day settlement into all Thai bank accounts, making it an effective pay-out partner for international remittance companies with volumes into Thailand.
With RippleNet, the transfer process is more efficient for those sending money from the growing number of financial institutions, and at the best possible rates.”
Marcus Treacher, Ripple senior vice president of customer success, noted that the partnership is the first for Ripple in this geographical area.
“The digital banking revolution is taking Thailand by storm, and DeeMoney is a key player in this. By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates.”
In other news, it was revealed that Ripple’s partner Intermex will not be using Ripple (XRP)’s technology in its South American markets. Robert Lisv, the chief executive of Intermex, explained:
“So, you won’t really see us leveraging Ripple in our core markets. I think it will bring us more growth in newer markets in places where we’re exploring going into ancillary products.”
A recent interview also brought to light that another Ripple partner, MoneyGram, liquidates all XRP tokens as soon as the tokens are received.
Ripple Price Prediction: Market Opinion for April 2020
As many crypto forecasting sites have made their own XRP price prediction for April 2020, we will be including some of the most relevant ones below in order to better illustrate the market sentiment for Ripple.
Tradingbeasts predicts that XRP will reach $0.2053502 by the beginning of April 2020. They anticipate a maximum price of $0.2533947 and a minimum price of $0.1723084. The coin is expected to close the month at a price of $0.2027158, change for April 26.54%.
Longforecast expects XRP to begin April at a price of $0.17. They projected a maximum price of $0.21, a minimum of $0.13, and the month average of $0.17. The site forecasts that XRP will close the month at a price of $0.18, change for April 5.9%.
Digitalcoinprice’s XRP price prediction for April places the coin at a value of $0.31160896, signifying a change of 93.98%.
Coinpredictor projected that XRP will start April with an increase of 4.3%, placing the coin at around $0.303096, and the site predicted that the coin will close the month at a price of $0.260668, with a loss of 10.3%.
WalletInvestor made predictions for the first four days of April, along with the minimum and maximum values of each particular day.
Gov.capital‘s XRP price prediction for the first day of April is an average price of $0.122, with a maximum price of $0.1403 and a minimum price of $0.1037. The average price for the last day of the month was estimated at $0.268, with a maximum of $0.3082 and a minimum of $0.2278.
|Calendar date||Regular||Least possible price||Best possible price|
|2020 April 01, Wednesday||0.122||0.1037||0.1403|
|2020 April 02, Thursday||0.141||0.11985||0.16215|
|2020 April 03, Friday||0.161||0.13685||0.18515|
|2020 April 04, Saturday||0.156||0.1326||0.1794|
|2020 April 05, Sunday||0.152||0.1292||0.1748|
|2020 April 06, Monday||0.144||0.1224||0.1656|
|2020 April 07, Tuesday||0.145||0.12325||0.16675|
|2020 April 08, Wednesday||0.146||0.1241||0.1679|
|2020 April 09, Thursday||0.149||0.12665||0.17135|
|2020 April 10, Friday||0.146||0.1241||0.1679|
|2020 April 11, Saturday||0.150||0.1275||0.1725|
|2020 April 12, Sunday||0.163||0.13855||0.18745|
|2020 April 13, Monday||0.194||0.1649||0.2231|
|2020 April 14, Tuesday||0.187||0.15895||0.21505|
|2020 April 15, Wednesday||0.193||0.16405||0.22195|
|2020 April 16, Thursday||0.197||0.16745||0.22655|
|2020 April 17, Friday||0.200||0.17||0.23|
|2020 April 18, Saturday||0.216||0.1836||0.2484|
|2020 April 19, Sunday||0.228||0.1938||0.2622|
|2020 April 20, Monday||0.270||0.2295||0.3105|
|2020 April 21, Tuesday||0.268||0.2278||0.3082|
|2020 April 22, Wednesday||0.269||0.22865||0.30935|
|2020 April 23, Thursday||0.272||0.2312||0.3128|
|2020 April 24, Friday||0.281||0.23885||0.32315|
|2020 April 25, Saturday||0.261||0.22185||0.30015|
|2020 April 26, Sunday||0.246||0.2091||0.2829|
|2020 April 27, Monday||0.257||0.21845||0.29555|
|2020 April 28, Tuesday||0.259||0.22015||0.29785|
|2020 April 29, Wednesday||0.267||0.22695||0.30705|
|2020 April 30, Thursday||0.268||0.2278||0.3082|
Cryptorating forecasted that XRP will start April with a price of $0.041330, marking a decrease of -74.47%. XRP is predicted to decrease with -35.46% and reach $0.104492 by the end of the month.
Cryptoground’s XRP price prediction for the first day of April places the coin at around $0.2928, which signifies an increase of 80.71%. XRP is expected to close the month at a price of $0.2918, change for April of 80.15%.
30rates issued an XRP price prediction for every day of April (except weekends), with the minimum, maximum, and closing prices for every day.
Ripple Price Prediction: Verdict
This is the conclusion of our Ripple price prediction for April 2020. We hope that the information proves useful when you decide to create your own XRP trading strategies.
Featured image: flickr.com