On August 10, 2019, the XRP price reached a low of 2475 satoshis. An upward move followed, culminating with a high of 2821 satoshis reached on August 14. After a rapid decrease, the price reached similar highs on August 18.
Where will the XRP price go next? Continue reading if you are interested in finding out.
For our previous analysis click here.
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XRP Price: Trends and Highlights for August 19
- XRP/BTC is following an ascending support line.
- There is resistance at 2800 satoshis.
- XRP is trading inside a long-term descending channel.
- There is a bullish divergence in the RSI & MACD
A closer look at previous price movements reveals that XRP has been following an ascending support line since reaching the aforementioned low on August 9.
Additionally, we can see a resistance area near 2800 satoshis.
So far, it has rejected price on August 6 and 14, initiating downward moves of different magnitudes.
Recently, the XRP price reached the area on August 18, before beginning to decrease.
How long will this decrease continue?
A look at the daily chart shows that the XRP price has been trading inside a descending channel since the beginning of July.
At the time of writing, it was trading close to the resistance line of the channel.
A look at the RSI and MACD reveals significant hidden strength behind the current upward move.
A bullish divergence has developed in the lows between August 10 and 17.
The divergence is significant, visible in both indicators and in long-term time-frames.
Therefore, we believe that the XRP price will eventually break out from this descending channel.
Back to our short-term pattern, we have outlined a possible path for future price movement.
The price is likely to decrease towards the support line, possibly reaching it.
Afterward, it is likely to begin an upward move towards the resistance area and eventually break out.
Ripple Price Summary
The XRP price is trading inside a descending channel.
According to our analysis, it is likely to eventually break out from this channel.
Do you think XRP will break out from the channel? 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.
Images are courtesy of Shutterstock, TradingView.