XRP Price Continues in Descending Channel as More Competition Arises

At the time of writing, the XRP price was trading near $0.40. Where will the Ripple price (XRP) go next? Keep reading below and find out. For our previous analysis, click here. Also, you can watch a video analysis below.

Ripple Price (XRP): Trends and Highlights for June 13

• XRP/USD reached a low on June 9.
• It is trading inside a short-term ascending.
• It is trading inside a longer-term descending channel.
• The 10- and 20-day moving averages have made a bearish cross.
• Several Doji Evening stars have been created.

XRP Price: Current Pattern

The decreases in the channel have been gradual, and both the resistance and support lines have been touched four times. Will the price break out or are there more decreases in store? A look at technical indicators is required in order to find out.

Moving Averages

The XRP price is trading below both moving averages, facing very close resistance from the 10-day MA. While yesterday’s increases were significant, they did not take the price above the 10-day MA. The current daily high was above the 10-day MA, but price immediately reversed. A close above both MAs would be required for the significance of the bearish cross to be reduced. Furthermore, an analysis of candlestick patterns supports a price decrease. After upward moves, the price has made several bearish Doji’s. A doji is a candle with a very small body and long upper and lower wicks. Afterward, this was succeeded by a downward move. If the price continues to decrease and closes below $0.38, this would create an evening doji star — which is a bearish reversal candle.

Summary

To conclude, the Ripple price (XRP) made a high on May 30 and is currently trading inside a descending channel. However, it is trading inside a short-term ascending channel. An analysis of technical indicators suggests that a downtrend has begun. This is supported by an analysis of candlestick patterns. A breakout from the descending channel is unlikely. Rather, it is likely that the price will continue to decrease at the rate predicted by the channel. Do you think the Ripple price  (XRP) will continue to decrease? 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.