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.
The XRP price is analyzed at two-hour intervals from May 27 to June 10 in order to trace the current pattern.
On May 28, XRP/USD
reached a low of $0.41. A rapid increase began and the price reached a high of $0.47 on May 30. Since then, the price has been decreasing, trading inside the descending channel outlined below:
The resistance line and the support lines have both been touched three times. At the time of writing, the XRP price was trading in the middle of the channel.
Where will it go next? A look at technical indicators is required in order to find out.
XRP Price: Technical Indicators
The XRP price is analyzed alongside the RSI (first graph) and the 10- and 20-day moving averages (second graph) below.
On May 16, the XRP price reached a high of $0.478. A rapid decrease began and the price made a low of $0.375 the next day. Since then, it has been trading inside the descending triangle outlined below:
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.
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.
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