On May 30, 2019, the Ripple price (XRP) reached a high of $0.47. A rapid decrease ensued and the price reached a low of $0.40 the same day. A gradual increase followed. On June 3, the price reached a high of $0.46.The price has been decreasing since, reaching lows below $0.38 on June 9. Where will the Ripple price (XRP) go next? Keep reading below and find out. For our previous analysis, click here.
Ripple Price (XRP): Trends and Highlights for June 11
- XRP/USD reached a high on May 30.
- It is trading inside a descending channel.
- There is bearish divergence developing in the RSI.
- The 10- and 20-day moving averages have made a bearish cross.
- The 100- and 200-day moving averages have made a bullish cross.
- There is resistance near $0.43.
- There is support near $0.34.
The Ripple price (XRP) is analyzed at two-hour intervals from May 27 to June 11 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 Ripple price (XRP) has been decreasing, trading inside the descending channel outlined below:
At the time of writing, the Ripple price (XRP) was trading in the middle of the channel. It is worth noting that since touching the resistance line on June 7, the price fluctuations have gotten significantly smaller and the price has not touched the resistance nor support lines again. This could be a sign that the price is trying to create a different trading pattern.
Where will the price go next? A look at technical indicators is required in order to find out.
Ripple Price (XRP): Technical Indicators
The XRP price is analyzed alongside the RSI (first graph) and the 10-, 20-, 100- and 200-day moving averages (second graph) below.
On May 16 and 30, the Ripple price (XRP) 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.In the case of XRP, it preceded the decrease which created the descending channel. Yesterday we stated that:
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.Today, a bearish cross occurred. At the time of writing, the Ripple price (XRP) was trading below both moving averages. The combination of these indicators supports further price decreases. However, on June 6, the 100-day MA crossed above the 200-day one. This is an indication that an uptrend may have begun. However, this is a long-term indicator. Therefore, it is still likely that the price will continue to decrease in the short-term. However, it should eventually find support and begin an upward move.
Reversal AreasOne support and one resistance area is traced for XRP below. The closest support area is found near $0.34. If the Ripple price (XRP) continues to decrease at the rate predicted by the channel, it will reach this area around June 18. An analysis of technical indicators supports this possibility. The closest resistance area is found near $0.43. If the price breaks out from the channel, it is likely to provide a reversal.
SummaryTo conclude, the Ripple price (XRP) made a high on May 30 and is currently trading inside a descending channel. Short-term moving averages have made a bearish cross and are providing resistance to the price. Furthermore, there is bearish divergence developing in the RSI. The use of these indicators makes it likely that the XRP price will eventually reach the support area outlined above. Do you think the Ripple price (XRP) 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.
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.