Friday, June 21, 2024

Price Analysis of XRP, EOS & TRX

The recent reports highlighted the high degree of risks associated with global stablecoins. The experts suggested that traders and investors should not start any stablecoin project until and unless they have thoroughly evaluated the regulatory, legal, and oversight challenges associated with it.

Price analysis is an imperative factors that sellers and buyers must consider while making any trading decision. Below we are highlighting the price analysis of some major cryptocurrency pair.


Ripple is experiencing a growth, after it found a strong dip-buying demand from USD 0.2650 level in the past week. XRP has been slowing moving towards bullish momentum and recovering from the last month level of USD. Since the beginning of October, the XRP/USD pair has obtained more than 15% value and has managed to reclaim over 35% from its low September trading. Moving ahead the cryptocurrency has to deal with a crucial technical combat with USD 0.3000 level. This level signifies major trendline conflict with a triangle pattern that has been standing on the daily time frame for a long time. There was a loss of USD 0.3000 level in August which resulted in a bearish shift in the XRP cryptocurrency culminating the USD 0.2000 level plunge in September.


EOS has been witnessing a under downside pressure since the last Thursday post its move towards the 3.80 resistance level faded and left the coin on fifth consecutive week of trading loss. Since August EOS/USD has lost around 17% in value. In the coming days, the EOS technicals appear to be bearish where the time frame of four hour reflects a decline towards USD 3.00 level.  This level is the primary target of a bearish head as well as shoulder pattern on the given time frame. This situation was triggered when sellers move through the USD 5.66 level on July 10th, 2019. Ever since then, the cryptocurrency has been witnessing a major decline.

Read more: Richard Ells, CEO of Electroneum is Speaking at the Malta AI and Blockchain Summit 2019


TRX/USD at present is moving towards USD 0.0166. The cryptocurrency has acquired 4% in value in the course 24-hours and positioned itself over the critical SMA50 on the daily chart. Presently, with a market value of USD 1.12 Billion and USD 738 Million average trade value, TRON stands at 11th position in the global cryptocurrency market rating. The coin has been on a path of recovery since mid-September, prior to that the cryptocurrency was going through a decline of USD. The strong bullish momentum enabled the price to rests over the SMA50 daily at USD 0.0157 and experienced a strong recent incline of USD 0.0171. Determining the financial health and viability of a cryptocurrency pair is an important and equally challenging task. Sellers and buyers need to constantly evaluate the market trends and flow in order to identify the coin stand in the global cryptocurrency market. The position of coins in the cryptocurrency coin continues to fluctuate, hence making it difficult to determine their long term position. However with proper price analysis you can determine the current and near future stand of a cryptocurrency pair, and make a wiser decision.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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