Ripple (XRP) Price Prediction and Analysis in May 2020
We will be looking at past price trends and market sentiment for Ripple, so that we can create an XRP price prediction for May 2020.
XRP is the 3rd crypto according to a market cap of $8,711,915,371 and has a current trading price of $0.197596, with an increase of 1.21% in the past 24-hour period. 44.089.620.959 XRP are in circulation on the market at the moment out of a total of 99.990.980.257 XRP. In the past 24 hours, a $1,857,791,628 trading volume was recorded for XRP.
Ripple (XRP) Price Prediction: Analysis
On March 12th, XRP nosedived from $0,208205 to $0.13, and the next day went even lower to $0.11. But the following days, the coin quickly recovered to $0,159352, rallying to $0,162150 on March 15th. The coin continued to fluctuate between $0.14 and $0.15 for several days after, but it started to rise again towards the end of March. In the last days of the month, XRP traded between $0.16 and $0.17, closing March 31st above $0.17.
April started with a bullish trend, with the coin consistently climbing to $0,200869 on April 8th. XRP failed to maintain itself at this level and started a consolidation pattern, trading between $0.18 and $0.19 for the following weeks, failing to break the $0.20 resistance level.
On April 21 and April 22, XRP traded over $0.18 but failed to get past $0.19.
Charts are showing that strong support was forming around the $0.1850 level, with a bullish trend line forming as well at this level.
If XRP fails to stay above the $0.1850 support area, this could bring the coin back to $0.1800 level, but Ripple is likely staying over $0.1850 support and the trend line. The bulls will have to gain momentum to stay over the $0.1920 level in order to reach the $0.1950 level. The main resistance is set near above the $0.2000 level.
WalletInvestor’s pivot, resistance, and support levels for XRP are:
- Resistance Level (R3): 0.197
- Resistance Level (R2): 0.193
- Resistance Level (R1): 0.191
- Pivot Point: 0.187
- Support Level (S1): 0.184
- Support Level (S2): 0.180
- Support Level (S3): 0.178
In the recent month, Ripple has joined the Mobility Open Blockchain Initiative (MOBI), an initiative founded in May 2018 for blockchain use case exploration. MOBI is actively working with companies that make up more than 70% of the global production of the market share.
Some of the founding members include BMW, Ford, General Motors, Renault, Bosch, Accenture and IBM, ConsenSys, Hyperledger, and the IOTA Foundation.
While the collaboration has not yet been announced, Ripple appears in the MOBI directory with the following description:
“Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company. Released in 2012, Ripple is built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes. Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.”
Ripple is also donating in the fight against coronavirus, allocating funds to the Alameda County Comunity Food Bank. Loaves & Fishes Family Kitchen will also have $1 million donations, as well as the Samaritan House, San Francisco-Marin Food Bank and the Second Harvest of Silicon Valley.
Ripple has also donated to the fund established by the Silicon Valley Community Foundation (SVCF) to help local people with small amounts of money in these dire times.
Ripple Price Prediction: Market Opinion for May 2020
As many crypto sites have used their resources to calculate their own XRP price prediction for May 2020, we will be featuring some of the most important ones below in order to better encapsulate the market sentiment for Ripple.
Tradingbeasts foresees that XRP will reach $0.2347266 by the start of May 2020. They anticipate a maximum price of $0.2895820 and a minimum price of $0.1969158. The coin is expected to close the month at a price of $0.2316656, change for May 19.36%.
Longforecast calculated that XRP will open in May at a price of $0.18. The site also expected that the coin will have a maximum price of $0.21, a minimum of $0.16, and a monthly average of $0.18. The website also anticipates that XRP will have a monthly closing price of $0.17, change for May -5.6%.
Digitalcoinprice’s XRP price prediction for May is that the coin will be trading at $0.35939026, marking a rise of 85.59%.
Coinpredictor expects XRP to increase with 4.3% at the start of May, which would mean a price of $0.303096, and in the middle of the month, it foresees a price of $0.260668, with a decrease of 10.3%.
WalletInvestor made predictions for the first 7 days of May, along with the minimum and maximum values of each particular day.
|Date||Price||Min Price||Max Price|
Gov.capital‘s XRP price prediction for the first day of May is an average price of $0.179, with a maximum price of $0.20585 and a minimum price of $0.15215. Predictions for the rest of the month have also been made.
|Calendar date||Regular||Least possible price||Best possible price|
|2020 May 01, Friday||0.179||0.15215||0.20585|
|2020 May 02, Saturday||0.194||0.1649||0.2231|
|2020 May 03, Sunday||0.199||0.16915||0.22885|
|2020 May 04, Monday||0.211||0.17935||0.24265|
|2020 May 05, Tuesday||0.219||0.18615||0.25185|
|2020 May 06, Wednesday||0.2092||0.17782||0.24058|
|2020 May 07, Thursday||0.2025||0.172125||0.232875|
|2020 May 08, Friday||0.224||0.1904||0.2576|
|2020 May 09, Saturday||0.215||0.18275||0.24725|
|2020 May 10, Sunday||0.217||0.18445||0.24955|
|2020 May 11, Monday||0.191||0.16235||0.21965|
|2020 May 12, Tuesday||0.186||0.1581||0.2139|
|2020 May 13, Wednesday||0.2022||0.17187||0.23253|
|2020 May 14, Thursday||0.233||0.19805||0.26795|
|2020 May 15, Friday||0.258||0.2193||0.2967|
|2020 May 16, Saturday||0.274||0.2329||0.3151|
|2020 May 17, Sunday||0.281||0.23885||0.32315|
|2020 May 18, Monday||0.264||0.2244||0.3036|
|2020 May 19, Tuesday||0.263||0.22355||0.30245|
|2020 May 20, Wednesday||0.263||0.22355||0.30245|
|2020 May 21, Thursday||0.267||0.22695||0.30705|
|2020 May 22, Friday||0.249||0.21165||0.28635|
|2020 May 23, Saturday||0.235||0.19975||0.27025|
|2020 May 24, Sunday||0.235||0.19975||0.27025|
|2020 May 25, Monday||0.217||0.18445||0.24955|
|2020 May 26, Tuesday||0.221||0.18785||0.25415|
|2020 May 27, Wednesday||0.2019||0.171615||0.232185|
|2020 May 28, Thursday||0.2032||0.17272||0.23368|
|2020 May 29, Friday||0.2090||0.17765||0.24035|
|2020 May 30, Saturday||0.228||0.1938||0.2622|
|2020 May 31, Sunday||0.216||0.1836||0.2484|
Cryptorating sees XRP increasing with 18.33% at the start of May, bringing the coin to a price of $0.228326. By mid-May, XRP is set to drop to $0.109799, with a change of -43.09%.
Cryptoground’s XRP price prediction places the coin at a price of $0.2928 on the first day of May, which marks an increase of 49.74%. The site also forecasted that XRP would increase with 49.28% in the middle of the month, which means a price of $0.2918.
30rates launched an XRP price prediction for every day of May (except weekends), along with the minimum, maximum, and closing prices for each particular day.
Ripple Price Prediction: Verdict
With this, we have reached the end of our Ripple price prediction for May 2020. Thus, we can notice from the charts and market predictions that XRP is expected to remain between the $0.20 and $0.15 levels, with expectations to reach maximums of $0.21 and $0.22.
Featured image: cmcmarkets.com