Ripple (XRP) Price Prediction and Analysis in August 2020
To focus on the future of XRP, you have to look at historical price actions and gauge the market sentiment for Ripple. June wasn’t particularly a great month for XRP, so it is only natural to wonder what the end of July will look for the crypto. So, don’t miss the chance to find out more about XRP price prediction for August 2020.
An Overview of Ripple (XRP)
XRP is often used interchangeably with Ripple, but technically, Ripple is the company and network behind the cryptocurrency, XRP. The cryptocurrency is known for its digital payment program network and protocol. Conversely, the company is popular for payment settlement, remittance system, and asset exchange platform. Ripple is often compared to SWIFT, an international money and security transfer service used by banks and other financial institutions.
The Ripple blockchain uses XRP as its native crypto. It is used to facilitate real-time transactions and power the payment infrastructure of the Ripple Network. The crypto enjoys a comfortable fourth place based on market cap. XRP has a market cap of $9,956,538,964, trading at $0.22 per coin at this time. This is a 3.08% rise in a 24-hour period. Out of the total of 99,990,923,726 XRP, 44,848,773,395 XRP are in circulation, with the 24 hour trading volume of $1,279,137,654.
XRP Price Prediction: Analysis
At the beginning of June, XRP traded at $0.20. However, by the start of July, the price fell to $0.17. While the crypto was down for June, it has gained 0.91% in the second quarter of 2020. On the 1st July, the coin saw an increase of 0.77% from the end of June, but with a partial drop of 1.07% from 29th June. A bearish start to July saw XRP fall early before making a move to find support at $0.174. The day had a break past the first major resistance level at $0.1774, before falling back to the $0.1760 sublevel. A recovery saw the price move above $0.1777 level before sliding back to $0.1769.
The rest of the day was all about avoiding a fall to $0.1764 pivot. However, on July 2nd, the price dropped down to $0.175 and $0.172 – intraday. The last day of the week had the bulls carry the day at the price up to $0.176. Fortunately, the coin continued to climb at the start of the weekend at $0.178 but hit a diagonal resistance forcing it to ease back. Sunday 5th July started with a low volatility session, the price falling to $0.173. Following a recovery later in the day, XRP ended the weekend back to $0.177.
The coin started Monday, 6th July, by moving up to $0.188. This period pointed its entry into the $0.18-0.19 support/resistance zone. A short pullback on Tuesday to $0.184 marked the start of a bull trend that continued to settle at $0.205 on Wednesday. This was the best day for traders since April 28th and resulted in entry into the $0.20-0.21 support/resistance level. The session on Thursday had prices easing back to $0.198 on Friday. After ending Sunday at $0.20, XRP rose by 14.2% in a seven-day period.
Ripple is having tremendous success selling blockchain to banks and other financial institutions. One-third of the top 100 banks in the world are using Ripple. Mitsubishi UFJ Financial Group, the fifth-largest bank in the world, is using Ripple’s On-Demand Liquidity Payment Technology. Additionally, 250 banks in over 50 countries are using Ripple’s cross-border payment technology. Last Month, Banco Rendimento, a commercial bank in Brazil, became the first bank to join RippleNet Cloud. Banco Rendimento will leverage this resource to open new payment corridors for its clients in the future.
A few days ago, the US Office of the Controller of the Currency (OCC) issued a clarification that allows licensed US banks to hold XRP, along with Bitcoin and Ethereum, for their customers. The Spanish Bank, Santander, is adding more regions to its borderless blockchain-based payment channel, built as an app in collaboration with Ripple. The app, One Pay FX, launched in 2018 and currently operates in two dozen countries, including the entire Euro-Zone. The partnership formed to explore how blockchain can make transactions faster, cheaper, and transparent.
Ripple Price Prediction: Market Opinion for August 2020
There are many Ripple (XRP) price predictions being bundled in forecast websites. Here are some XRP price predictions to help you gauge the market sentiments.
LongForecast‘s XRP price prediction for the end of August 2020 is $0.21. By their calculations, XRP could close July at $0.21. A bullish scenario that suggests the cryptocurrency might not see a lot in August.
TradingBeasts forecasts XRP prices reaching $0.26 at the start of August. The bullish sentiments continue with a prediction of a high of $0.326 at a low of $0.221. The prediction for the end of August is $0.26. Likewise, the site sees the cryptocurrency closing September at $0.259, which is a bullish forecast.
AMBCrypto projects that XRP may see another bull rally past $0.211, but a retest of the $0.18-0.19 support/resistance zone is imminent in 10 to 14 days. The site’s analysis noted that XRP has found partial support at $0.196, and the resistance level at $0.20 has a major role to play in the possible climb towards $0.211.
FXEmpire sees XRP prices test the second major resistance level at $0.21 provided it avoids a fall through the $0.20 pivot. However, they list support from the broader market as a key component for the breakout past the Wednesday high of $0.205. The first major support level at $0.1987 will come into play if there is a fall through $0.20.
XRP Price Prediction: Verdict
XRP failed to hold its ground and remained in the 0.177 level for the better part of June. Does XRP have what it takes to reach $100? From the data collected and other XRP price predictions, investors should anticipate an extended stay in this bearish state. For now, Ripple (XRP) remains far from its all-time high.
Featured image: cryptorussian.net