On August 9, 2019, the XRP price reached a low of 2465 satoshis. An upward move ensued, and on August 14 XRP reached a high of 2822 satoshis. After a rapid decrease, it reached similar highs on August 18. It has been decreasing since.
Will XRP reach 3000 satoshis? Continue reading if you want to find out.
For our previous analysis, click here.
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XRP Price: Trends and Highlights for August 23
- XRP/BTC is trading inside an ascending triangle.
- The 100- and 200-hour moving averages have made a bullish cross.
- There is support at 25,000 satoshis.
- The weekly RSI has developed bullish divergence.
A closer look at price movement reveals that the price is trading inside an ascending triangle.
The ascending triangle is considered a bullish pattern, making a price breakout more likely.
On August 20, the XRP price reached the support line and initiated an upward move.
At the time of writing, it was trading in the middle of the channel.
A look at the hourly moving averages (MA) supports an increase toward the resistance line of the triangle.
The 100- and 200-hour moving averages have made a bullish cross on August 23.
On August 19, a bullish cross was rejected. A rapid decrease followed.
This increases the significance of the current bullish cross.
Additionally, the price is trading above both MAs.
A look at the weekly chart shows us that:
- There is a significant support area at 25,000 satoshis.
- The RSI has generated bullish divergence.
The fact that there is long-term divergence inside a very significant support area makes us believe that the XRP price will soon begin an upward move.
We believe it is likely to reach the resistance line of the triangle and possibly break out.
XRP Price Summary
The XRP price is trading inside an ascending triangle.
According to our analysis, it is likely to move towards the resistance line of the triangle and possibly break out.
Due to the price being at a very significant support area, XRP/BTC looks like a potential buy and hold for a possible future upward move.
Do you think XRP will break out from the triangle? 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.