Ripple Price Analysis: XRP/USD Has Broken out Above the Resistance

The ensuing upward move on June 22 briefly took the XRP price above $0.5. Will XRP continue to increase? Below we will look at the price in different time-frames and alongside technical indicators in order to determine the answer.

XRP Price: Trends and Highlights For June 25

• XRP/USD is trading below the 200-week moving average (MA).
• The XRP price is trading inside an ascending channel.
• Volume has been higher during increases.
• XRP is trading inside a short-term symmetrical triangle.
• Short-Term MAs give a bullish outlook.

XRP Price: Fibonacci Levels

Furthermore, the XRP price has not yet reached the 0.236 fib level of the entire upward move. This means that it still has not made the first step towards confirming an uptrend. However, it also means that it has the potential for price increases since a retracement to the 0.5 level would amount to an increase of more than 200 percent. The 10- and 20-period MAs have made a bullish cross and are offering support to the XRP price. However, it has yet to break out above the 200-period MA.

Current Trend

On Dec 24, 2018, the XRP price made a high of $0.466. A swift decrease began. The price reached the same level in May-June, 2019. After three unsuccessful attempts at a breakout, the price finally did so on June 22. The same area is likely to now act as support. Furthermore, we can see that the XRP price is trading inside the ascending channel outlined below. At the time of writing, it was trading close to the resistance line.  After reaching it, the price began to decrease. This decrease occurred at a significantly lower volume than the increase preceding it. The use of these indicators and time-frames make it unlikely that the price will break down from the channel. However, it is possible that it will begin to decrease towards the support line.

Symmetrical Triangle

Since June 22, the XRP price has been trading inside a symmetrical triangle. It is quickly approaching the convergence point between the support and resistance lines, at which point a decisive move should occur. According to the moving averages, it is likely that this will be an upward move. The 10- and 20-period MAs are in the midst of creating a bullish cross. Furthermore, a longer-term bullish cross was made on June 19 between the 100- and 200-period MAs. The former provided support to the XRP price during the decrease on June 24.

Summary

The price of XRP is trading inside a long-term ascending channel and short-term symmetrical triangle. Due to the previous movement, we believe that it has considerable upside potential. The moving averages support a breakout from the short-term triangle. Do you think the price of XRP will break out from the triangle? Let us know in the comments below. 

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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.