On June 9, 2019, the Ripple price (XRP) reached a high of $0.41. A rapid decrease ensued and the price reached a low of $0.37 the same day. Since then, the price has been gradually increasing.At the time of writing, it was trading near $0.39. 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 12
- XRP/USD reached a low on June 9.
- It is trading inside a short-term symmetrical triangle.
- It is trading inside a longer-term descending channel.
- The 10- and 20-day moving averages have made a bearish cross.
- There is resistance near $0.43.
- There is support near $0.36.
XRP Price: Current Pattern
The Ripple price (XRP) is analyzed at 30-minute intervals from June 9 to June 12 in order to trace the current pattern.
On June 9, the price of XRP/USD reached a high of $0.413. A rapid decrease ensued and the XRP price reached a low of $0.369 the same day. Since then, it has been increasing, trading inside the symmetrical triangle outlined below:
At the time of writing, the XRP price was trading close to the resistance line of the triangle. It has made several unsuccessful attempts at a breakout. Furthermore, it is approaching the point of convergence between the resistance and support lines.
However, this triangle is a short-term pattern inside a different long-term one.
Since reaching a low of $0.41 on May 29, the price has been trading inside the descending channel outlined below:
The resistance lines of the triangle and channel are close to each other. Therefore, a breakout from the triangle could also indicate a breakout from the slightly longer term channel. Will the price initiate an upward move? A look at technical indicators is required in order to find out.
The XRP price is analyzed alongside the 10- and 20-day moving averages (MA) below.
On June 10, the 10-day MA crossed below the 20-day one. This is known as a bearish cross and often indicates that a downtrend has begun.The XRP price is trading below both moving averages, facing very close resistance from the 10-day MA. Furthermore, the latter coincides with the resistance line of the descending channel. The use of these indicators makes it unlikely that the price will break out from the channel. However, it is possible that the price initiates a weak breakout from the short-term symmetrical triangle towards the resistance line of the channel.
Reversal AreasOne support and one resistance area are traced for XRP below. The closest support area is found near $0.36. If the Ripple price (XRP) continues to decrease at the rate predicted by the channel, it will reach this area around June 15. An analysis of technical indicators supports this possibility. The closest resistance area is found near $0.43. If the XRP 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. Furthermore, it is trading inside a short-term symmetrical triangle. An analysis of technical indicators suggests that a downtrend has begun. 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 reach the support area? 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.