On June 3, 2019, the XRP price reached a high of $0.465. A gradual decrease ensued and the price reached a low of $0.383 on Jun 4. The price has been increasing since.
Where will it go next? Keep reading below and find out.
XRP Price: Trends and Highlights for June 7
- The XRP price reached a high on June 3.
- It broke out from an ascending triangle.
- The breakout occurred with significant volume.
- It is facing resistance from the moving averages.
- There is resistance near $0.45 and support near $0.40.
Previous Movement
The XRP price is analyzed at one-hour intervals from June 4 to June 7 in order to trace the current pattern.
On Jun 4, XRP/USD reached a low of $0.383. A rapid increase began and the price reached a high of $0.40 the same day. Since then, it has been trading inside the ascending triangle outlined below:
On June 6, the XRP price broke out from the triangle.
As is visible in the graph below, the breakout occurred with significant volume:
This is a sign that the breakout was legitimate and the buyers have significant strength.
Where will the XRP price go next? A look at technical indicators in a longer-timeframe is required in order to answer that question.
XRP Price: Technical Indicators
The XRP price is analyzed alongside the 200-period moving average (MA) below:
On May 28, XRP/USD reached a low of $0.462. A gradual increase began and the price reached a high of $0.474 on May 30. Since then, it has been trading inside the descending channel outlined below:
At the time of writing, the XRP price was struggling to break out above the 200-period MA.
Previously, the MA provided support on May 31, June 1 and June 3. This is the second attempt at breaking out above the MA. A breakout would also indicate that the price would break out above the descending channel.
As stated in our June 5 analysis, due to the long-term bearish divergence that has occurred, we believe this to be unlikely.
Reversal Areas
One support area and one resistance area is traced for XRP below.
The closest support area is found near $0.40. If the XRP price gets rejected by the resistance and begins to decrease, it is likely to reach this area. The analysis of technical indicators supports this claim.
The closest resistance area is found near $0.45. If the XRP price breaks out from the channel, it is likely to provide resistance. We do not believe this to be likely.
Summary
To conclude, the XRP price made a high on May 30 and is currently trading inside a descending channel. Furthermore, it recently broke out from a short-term ascending triangle. It is facing resistance from the moving averages and the technical indicators support a decrease. Do you think the XRP price 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.
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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