Cryptocurrency Market Forecast, Consolidation Coming To An End

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Cryptocurrency Market Forecast, Consolidation Coming To An End

Bitcoin Bottoming Action Points To Big Gains Ahead

The cryptocurrency market correction is a month old now and beginning to look like upward pressure is coming back. The correction wiped 25% off the value of BTC/USD which isn’t much, not in relation to past corrections. The good news is that bottoming is becoming evident within many of the individual cryptocurrencies and that points to one thing; big gains are on the way. The 2020 bull market rally may have hit a hiccup but it is not over, the fundamental drivers of the market are still present. The two most pressing drivers of price are the halvening of Litecoin and Bitcoin. While we still have several months until the BTC halvening, the LTC halvening is in less than two weeks.

Bitcoin Price Forecast

Bitcoin hit a new low about two week’s ago and since then has been edging higher. The move up off the low is not strong but it does shows support at the $10,000/$10,500 level. The most promising aspect of the chart is the indicators. Both MACD and stochastic support the idea of bottoming and are set up to fire bullish signals. A move higher in prices may find resistance at the short-term moving average, a move above the EMA would be very bullish and lead the indicators into their signals. Once the move begins, once the EMA is broken, the next targets are $12,400 and $13,000.

Litecoin Price Forecast

Litecoin’s halvening is in less than two weeks. At that time the available supply of LTC will be cut in half, miners will receive half as much block reward as before, and that will have a serious impact on the supply/demand balance. LTC has already been leading the market this year, I expect it will lead into the end of the year too once the halvening is completed. The LTC chart is similar in setup to Bitcoin with one major difference, the indicators are even more bullish. The coin is indicated higher with a strong bullish signal that is sure to take it up to the short-term EMA at least. A move above the EMA at $105 would be very bullish and likely take Litcoin up to $120 or $140 very quickly.

Ethereum Price Forecast

Even Ethereum is exhibiting bullish activity. Ethereum’s price has been lagging the general cryptocurrency market due to delays and uncertainty over the future of upgrades, the switch to proof of stake, and the networks scalability. Regardless, price action is showing signs of a bottom and is indicated higher. Momentum remains bearish at this time but it is close to crossing bullish, the stochastic is showing a bullish crossover and a strong one at that. The token is expected to move up the short-term EMA, a move above that level would be bullish and likely lead ETH/USD up to $280 and $340 in the near to short-term.

Cryptocurrency Market Forecast, Consolidation Coming To An End

Bitcoin Bottoming Action Points To Big Gains Ahead

The cryptocurrency market correction is a month old now and beginning to look like upward pressure is coming back. The correction wiped 25% off the value of BTC/USD which isn’t much, not in relation to past corrections. The good news is that bottoming is becoming evident within many of the individual cryptocurrencies and that points to one thing; big gains are on the way. The 2020 bull market rally may have hit a hiccup but it is not over, the fundamental drivers of the market are still present. The two most pressing drivers of price are the halvening of Litecoin and Bitcoin. While we still have several months until the BTC halvening, the LTC halvening is in less than two weeks.

Bitcoin Price Forecast

Bitcoin hit a new low about two week’s ago and since then has been edging higher. The move up off the low is not strong but it does shows support at the $10,000/$10,500 level. The most promising aspect of the chart is the indicators. Both MACD and stochastic support the idea of bottoming and are set up to fire bullish signals. A move higher in prices may find resistance at the short-term moving average, a move above the EMA would be very bullish and lead the indicators into their signals. Once the move begins, once the EMA is broken, the next targets are $12,400 and $13,000.

Litecoin Price Forecast

Litecoin’s halvening is in less than two weeks. At that time the available supply of LTC will be cut in half, miners will receive half as much block reward as before, and that will have a serious impact on the supply/demand balance. LTC has already been leading the market this year, I expect it will lead into the end of the year too once the halvening is completed. The LTC chart is similar in setup to Bitcoin with one major difference, the indicators are even more bullish. The coin is indicated higher with a strong bullish signal that is sure to take it up to the short-term EMA at least. A move above the EMA at $105 would be very bullish and likely take Litcoin up to $120 or $140 very quickly.

Ethereum Price Forecast

Even Ethereum is exhibiting bullish activity. Ethereum’s price has been lagging the general cryptocurrency market due to delays and uncertainty over the future of upgrades, the switch to proof of stake, and the networks scalability. Regardless, price action is showing signs of a bottom and is indicated higher. Momentum remains bearish at this time but it is close to crossing bullish, the stochastic is showing a bullish crossover and a strong one at that. The token is expected to move up the short-term EMA, a move above that level would be bullish and likely lead ETH/USD up to $280 and $340 in the near to short-term.

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

Interest per week

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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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