XRP Failed to Increase Prior to Swell Conference, What’s Next?

It is likely that fans of the cryptocurrency were expecting a major announcement that would impact the market. However, there was no such announcement. But, on November 13, A crypto twitter bot identified a major transfer of 99,999,900 XRP. Apparently, it was sent to a firm that specializes in market-making. The XRP price failed to break out above a significant resistance area. If it decreases below $0.25, it could rapidly reach the low $0.20s. Crypto analyst and trader @CryptoZyzz stated that the XRP price is at a critical point. If it does not break out from the current resistance, we might see a very rapid price decrease.

if $xrp is not breaking resistance soon its gg pic.twitter.com/ckSNl2v3it

— zyzz (@CryptoZyzz) November 15, 2019

In order to come to this conclusion, he used the logarithmic price movement of XRP and outlined a descending triangle. Let’s take a look at the XRP price in different time-frames to see if a breakdown is likely.

XRP Long-Term Outlook

Looking 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 Top

Over 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.

---

Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!