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On June 22, 2019, theprice briefly reached highs above $0.5. After a gradual decrease, similar highs were reached on June 26. Since then, the price has been decreasing.
At the time of writing, it was trading at $0.33.
How long will this decrease continue? Keep reading below in order to find out.
For our previous analysis, click here.
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Since September 2018, the XRP price has been trading inside the symmetrical triangle outlined below.
After touching the resistance line at $0.48 on June 25, the XRP price began a rapid decrease.
At the time of writing, it was trading at $0.32, slightly above the support line, which is currently at $0.3.
A look at the moving averages suggests that the price will continue to decrease.
A bearish cross between the 10- and 20-period MAs transpired on July 2.
Since then, the XRP price has been trading below both of them — facing very close resistance from the former.
While it made an attempt to move above the MAs on July 5, it was ultimately unsuccessful and the price began to decrease shortly after.
A look at the weekly logarithmic chart for XRP shows that the price is trading very close to a significant support area.
The logarithmic chart is used in order to better visualize large price fluctuations.
The support area is found between $0.26-0.28.
It was initially created by the highs of April 2017. Furthermore, XRP has not traded below it since December 2017.
Similar to the daily MAs, a look at the weekly moving average gives a bearish outlook.
The 10- and 20-week MAs made a bullish cross at the beginning of May. Since then, the XRP price has been gradually increasing, trading above both of them.
However, the recent decrease caused it to drop below both MAs. This is a bearish sign that suggests that further decreases are in store for price.
The XRP price is trading inside a symmetrical triangle.
Moving averages support a decrease in the support line.
If the price breaks down, there is significant support near $0.26-$0.28.
Do you think the XRP price will break down 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.
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