Quick take:
- XRP’s price briefly tested $0.20 as a result of the crypto market resurgence.
- If this momentum is maintained, it could reclaim $0.25 and turn it into support based on the 3 Day XRP/USD chart.
- However, gains exhibited by all cryptocurrencies might still be vulnerable to the global effects of the Coronavirus.
The majority of seasoned cryptocurrency traders use the macro time-frames of any digital asset chart to determine the general trend without being distracted by the noise of the lower time frames. In the case of Bitcoin, the 3-day chart is widely used to determine on which direction BTC is headed. In this regard, the 3 day Bitcoin chart highlights the possibility of BTC reclaiming $8,000 due to the Bitcoin halving a month away. The hype surrounding the event could assist XRP’s price in regaining the psychological support of $0.25.
What the XRP/USDT 3 Day Chart Tells Us
On a macro level and on the 3-day chart, we gather the following information regarding the direction of the price of XRP in the market.
- The 3-day MACD is about to cross in a bullish manner below the baseline.
- Trade volume is in the green and has increased since the month of April begun.
- Its MFI is yet to become high and is valued at 46.
- XRP’s price might continue to go up achieving a local top around the same time as the Bitcoin halving in May 2020.
- However, the price has to contend with the 50 (white) 3-day moving average as resistance to find a top above $0.25.
- Additionally, any negative news with regards to the war against COVID19 might affect the cryptocurrency markets as well.
Conclusion
Looking for valuable information on higher time frames such as 3-day and weekly is one method used by keen traders to note the general trend of major cryptocurrencies. These larger timeframes provide market information that can be vital in times such as this with the effects of COVID19 on the global financial system. In the case of XRP, the coin is exhibiting bullish momentum that might peak at the same time the Bitcoin halving occurs. Between now and then, XRP might just reclaim the psychological support of $0.25.
(Feature image courtesy of KAL VISUALS on Unsplash.com.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
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