On September 6, 2019, the XRP price reached a low of 2366 satoshis. An upward move ensued and XRP made a high of 2580 satoshis on September 11. It has been decreasing since.
How long will the decrease continue for XRP? Continue reading below if you are interested in finding out.
For our previous analysis, click here.
XRP Price: Trends and Highlights for September 13
- XRP/BTC is not following a trading pattern.
- There is support at 2420 satoshis.
- The XRP price is trading below its daily moving averages.
- A bullish divergence has developed in the daily RSI and MACD.
- XRP has possibly begun an upward move with a bullish hammer candlestick
XRP Price is Tracing Support
Looking at the six-hour chart allows us to trace one support area.
The area is found near 2420 satoshis.
At the time of writing, the XRP price was trading slightly above it.
XRP Price Technical Indicators
A look at the daily moving averages (MA) reiterates the strong resistance above the current price.
The XRP price is trading below both the 10- and 20-day MAs, which have previously made a bearish cross.
Additionally, the upward move discussed in the introduction stopped once the price reached the 20-day MA.
However, when we incorporate the RSI & MACD into the analysis, we can see that the price has been developing signs that it will begin an upward move.
Both have been generating significant bullish divergence since August.
This divergence preceded the upward move beginning on September 6.
The level of divergence is extremely significant and visible in long-term time-frames.
Therefore, we believe that the current upward move is not yet finished and there are further increase in store for the XRP price.
Bullish Hammer
Additionally, a closer look at daily candlesticks gives us one more reversal sign.
On September 6, the XRP price created a bullish hammer.
This is considered a reversal sign, especially when it is found at the end of a downtrend.
Combined with the bullish divergence, this reiterates our belief that further increases are in store for XRP.
Future Movement
One support area is traced below.
The price is likely to decrease until it reaches it before it begins an upward move.
Summary
The XRP price is not following a clear trading pattern. However, it is trading slightly above a significant support area. For hypothetical trading purposes, even though we believe XRP will increase, the current price position does not seem favorable for the initiation of a trade. Do you think XRP will begin an upward move? Let us know in the comments below.Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. Images are courtesy of Shutterstock, Trading
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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