On July 11, the XRP price reached a low of 2777 satoshis. An upward move followed, which lasted until July 30 with a high of 3566. XRP has been decreasing since. On August 6, it reached a low of 2419 satoshis.
What’s in store for the XRP price? Keep reading below if you are interested in finding out.
For our previous analysis click here.
XRP Price: Trends and Highlights for August 7
- XRP/BTC is trading inside a descending channel.
- It has created a bullish reversal candlestick.
- There is a strong bullish divergence developing in the RSI.
- XRP is trading inside a short-term descending broadening wedge.
Current Pattern
A look at the daily time-frame 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 in the middle of the channel.
On August 6, it touched the support line and immediately began to increase, creating a long lower wick.
This is often a sign of a reversal, especially if it is succeeded by a bullish engulfing candle.
Let’s take a look at some technical indicators to see if that is likely.
Possible Reversal
A look at the daily RSI supports the hypothesis of a reversal. A very strong bullish divergence has been in development since May 14.
Additionally, the trend line of the divergence has yet to be broken.
Rather, the RSI has just reached it, potentially getting ready for an upward move.
This suggests that the XRP price might soon begin an uptrend.
When will that begin?
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Short-Term
A look at the hourly time-frame shows that XRP has been trading inside a descending broadening wedge since August 5.
At the time of writing, the XRP price was trading close to the resistance line of the wedge.
A bearish cross transpired between the 10- and 20-period moving averages on August 5.
This is a bearish sign that supports a price decrease towards the support line of the wedge.
It is worth noting that this will not cause a breakdown from the previously discussed descending channel.
We do not believe a breakdown is likely.
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XRP Price Summary
The XRP price is trading inside a long-term descending channel. According to our analysis, a short-term decrease will be followed by a long-term upward move towards the resistance line of the channel. Do you think XRP will begin an upward move? 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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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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