XRP Long-Term OutlookLooking at the XRP chart, we can see that the price is following a descending resistance line that has been in place since April 2018. The logarithmic chart is not used since we believe curved trend-lines work better with log charts while straight lines with regular charts. Additionally, the support line is slightly descending, making the current pattern a descending wedge. There is a slight bullish divergence in the RSI and a pronounced divergence in the MACD. This supports the hypothesis that the price is trading inside a descending wedge and provides a bullish outlook.
Triple TopOver the past two months, the XRP price made a triple top inside the resistance area at $0.31. This is a bearish pattern. The price began a downward move after the third top on November 7 and has been decreasing since. There is a support area at $0.25. For the bullish outlook to remain intact, the price should reverse here and trade in a range between $0.26-$0.31. A breakdown below this support area would likely cause the price to decrease to the support line of the wedge at around $0.21.
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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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.