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On August 9, 2019, theprice reached a low of 2467 satoshis before beginning an upward move. The move continued until the price reached a high of 2822 satoshis on August 14. A flash crash followed, and XRP decreased all the way to 2500 satoshis.
At the time of writing, it was trading at 2640 satoshis.
Where will the XRP price go next? Continue reading if you want to find out.
For our previous analysis click here.
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A look at the daily time-frame shows that the XRP price is trading inside a descending channel.
At the time of writing, it was trading in the middle of the channel.
It has been increasing since it reached the support line on August 6.
A look at the RSI and MACD suggests that the XRP price will continue to increase.
Both have been generating bullish divergence over the entire duration of the channel.
Additionally, the XRP price is trading inside a significant support area, found at 2500 satoshis.
This area most importantly initiated an upward move in April 2017.
The fact that the divergence is occurring inside a support area increases the significance of the upward move.
Let’s take a look at the short-term to see how this move might possibly materialize.
A closer look at the hourly time-frame shows us that:
The extreme levels of volume make us believe that the XRP price is more likely to continue its decrease before initiating an upward move.
A possible outline of future price movements is given below.
We are projecting an ascending support line connecting the most recent higher lows.
The XRP price should reach the support line before initiating an upward move towards 2800 satoshis.
The XRP price is trading inside a descending channel.
According to our analysis, it is likely to undergo a short-term decrease before resuming its upward movement towards the resistance line of the channel.
Do you think XRP will reach the resistance line? 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 TradingView and Shutterstock.
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