On July 7, 2019, the XRP price reached a high of 3500 satoshis. A rapid decrease ensued. On July 11, the price reached a low of 2779 satoshis. A gradual increase began, which is still ongoing.
At the time of writing, XRP was trading close to 3100 satoshis.
Where will it go next? Below, we are going to analyze the XRP price in different time-frames alongside technical indicators in order to answer this question.
For our previous analysis, click here.
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XRP Price: Trends and Highlights for July 22
- XRP/BTC is trading inside a symmetrical triangle.
- There is support at 2850 satoshis.
- There is resistance at 3350 satoshis.
- There is bullish divergence developing in the RSI and the MACD.
- Daily moving averages are slowly turning bullish.
XRP Price in a Symmetrical Triangle
Since reaching a high on July 8, XRP has been trading inside the symmetrical triangle outlined below. Furthermore, one resistance area is also outlined below:
The area is found near 3350 satoshis. It acted as support in the period from June 28 to July 8, before the XRP price broke down.
Afterward, once the price reached this area on July 18, it immediately began to decrease.
Long-Term XRP Price Support
A long-term view shows that the XRP price is trading very close to a significant support area, which is found at 2850 satoshis.
The XRP price has not traded at this level since December 2017.
This area is an optimal place for the initiation of a reversal.
Let’s take a look at some technical indicators and see how likely that is.
Technical Indicators
The XRP price is analyzed alongside the RSI & MACD in the first graph and the 10-, 20-day moving averages (MA) in the second.
A look at the RSI and the MACD supports the idea that the XRP price will soon begin a reversal.
Both indicators have been generating bullish divergence since May 13.
The divergence is very significant and present in both indicators.
Furthermore, a look at the moving averages (MA) suggests that this move may be initiated in the near future.
So far, the XRP price has made one attempt at a breakout. However, it was rejected by the 20-day MA.
Now, XRP is trading between the moving averages. The 10-day MA has begun to increase and is providing support to the price.
If it continues following its current trajectory, it will soon make a bullish cross.
If by then the price is trading above both MAs, it would serve as confirmation that the upward move has begun.
