XRP price has been in a phase of consolidation since early April 2020, what’s next?
In the second quarter of 2020, XRP price has not fully recovered when it decreased from about $ 0.25 to $ 0.10. At press time, XRP is trading at $ 0.187, and this consolidation phase could continue in Q3 2020.
XRP price has been in a Falling Wedge since September 2018
A few weeks ago, according to cryptocurrency analyst MagicPoopCannon, XRP price may have bottomed out and has been in a falling wedge since September 2018. Th
In the prediction of MagicPoopCannon, if the wedge were to break out to the upside, XRP could rise to $ 0.77.
In the opinion of MagicPoopCannon, XRP price has two strong support zones: $ 0.18 – $ 0.17 and $ 0.11 – $ 0.10. If XRP holds this area of $ 0.18 – $ 0.17, the remittance coin could be in a position to break out of the falling wedge sometime in Q3 of 2020 or early Q4. The worst-case scenario would be for the wedge to resolve in mid-November.
Therefore, traders and traders should be wary of a cleaner breakout of current resistance at around $ 0.21.
Last week, as AZCoin News reported, Ripple joined over 40 global companies and nonprofits as a member of the newly formed Open Payments Coalition launching PayID, the universal payment identifier. Pay ID will remove complex barriers such as cryptocurrency addresses, which have hindered adoption by being a bit complicated for potential users. If cryptocurrency payments can be simplified to the same level as emailing, cryptocurrency adoption will grow, and so will XRP.
Together with over 40 global companies and nonprofits, Ripple joins the Open Payments Coalition to help drive innovation forward and simplify global payments for all. Discover the coalition’s #PayID, an exciting step for global interoperability. https://t.co/LU0WcxDftV
— Ripple (@Ripple) June 18, 2020
XRP has been in a downtrend since September 2018. The currency has been in the consolidation phase since the beginning of April, and the wedge mentioned above could be settled at some point in the third quarter of 2020. Besides, the introduction of PayID can promote the adoption of cryptocurrencies even more beneficial for the use of XRP and, thus, its price.
As with all XRP technical analysis, investors and traders should use risk management techniques like stop loss.
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