As of October 8, 2019, XRP is the third-largest cryptocurrency based on market capitalization. However, while most of the crypto market has been bullish in 2019, the current XRP price is lower than that on January 1.
On January 1, 2019, XRP was trading at $0.346. It is currently trading at $0.276, a decrease of roughly 20%.
However, the recent price movement for XRP indicates that an upward move might follow shortly.
As blockchain enthusiast and investor @CryptoWelson stated, the XRP price has reached a significant resistance line.
https://twitter.com/CryptoWelson/status/1181394733224075264?ref_src=twsrc%5Etfw
XRP is trading right at the descending resistance line, which is part of the descending wedge which it has been trading in.
The descending wedge is a bullish pattern, making a price breakout more likely.
Additionally, @CryptoWelson stated that “this will be the most bullish sign XRP will have in the last 2 years.”
This refers to a very similar wedge breakout which transpired in August 2017 and eventually led to the $3.53 high on January 4.
Moving Averages
The strong resistance is reiterated by the 100-day moving average (MA). The XRP price made a short-lived attempt at moving above it which was ultimately unsuccessful. Interestingly, it was the same MA that offered resistance in a similar move in 2017.
Therefore, @cryptowelson is correct in pointing out the significance of the current resistance.
A movement above this level could very likely initiate a rapid movement similar to that in 2017.
Do you think XRP will break out from the wedge? Drop your thoughts 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, TradingView.
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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