On May 30, 2019, the XRP price reached a high of $0.47. A rapid decrease ensued that was followed by a gradual increase. On June 3, the price reached a high of $0.46. Since then, it has been decreasing.
Where will the XRP price go next? Keep reading below and find out. For our previous analysis, click here.
XRP Price: Trends and Highlights for June 10
- XRP/USD reached a high on May 30.
- It is trading inside a descending channel.
- It is trading inside a longer-term descending triangle.
- There is bearish divergence developing in the RSI.
- The moving averages are close to making a bearish cross.
- There is support near $0.34.
XRP Price: Technical Indicators
On May 16 and 30, the XRP price reached similar highs near $0.47. During this time, the RSI generated lower highs. This is known as bearish divergence and often precedes price decreases.
Furthermore, the 10-day MA is on the verge of crossing below the 20-day one. This is known as a bearish cross and often indicates that a downtrend has begun.
The use of these indicators and the creation of a bearish pattern make it likely that the price will break down from the triangle. If it does so, where will it find support?
A support area is traced for the XRP price below.
The closest support area is found near $0.34. If the price breaks down from the triangle, it is likely to provide a reversal. An analysis of technical indicators supports this possibility.
However, this is not necessarily a short-term movement. It might take some time for this move to materialize.
To conclude, the XRP price made a high on May 30 and is currently trading inside a descending triangle. The moving averages are close to making a bearish cross and are providing resistance to the price. Technical indicators provide a bearish outlook.
Do you think the XRP price will break down from the triangle? Let us know in the comments below.
Images courtesy of TradingView.
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.