On August 15, 2019, the XRP price reached a low of $0.25. An upward move followed and XRP reached a high of $0.29 on August 18. It has been decreasing since — trading between $0.26-$0.28.
Where will the XRP price go next? Continue reading if you want to find out.
For our previous analysis, click here.
For those of you who prefer a video analysis, please click below:
XRP Price: Trends and Highlights for August 26
- XRP/USD is trading inside a symmetrical triangle.
- XRP is facing resistance from the 10- and 20-day moving averages.
- It previously broke down from a significant support area.
- There is support at $0.245-$0.25.
XRP Price in a Symmetrical Triangle
A look at the hourly time-frame shows that the XRP price has been trading inside a symmetrical triangle since August 15.
Both the resistance and support lines have been validated several times.
Additionally, the XRP price is rapidly approaching the end of the triangle — at which point a decisive move is likely to occur.
What direction will that take?
Previous Movement
A look at the daily time-frame shows that XRP previously broke down from a horizontal support line on August 14.
The support line was at $0.29 and is likely to provide future resistance.
The XRP price reached this area on August 18 before being rejected and resuming its downward movement.
The symmetrical triangle is a continuation pattern. Since it is coming after a breakdown, it makes a continuation of that downtrend likely.
This view is supported by a look at the daily moving averages (MA).
The XRP price is trading below both the 10- and 20-day moving averages.
While it has made attempts at breaking out, they have all been unsuccessful.
Additionally, the 10-day MA shows no signs of wanting to move upward — possible making a bullish cross.
This makes us believe that XRP is likely to breakdown from the triangle.
If it does, where will it go?
Future Movement
In case a breakdown occurs, one support area is outlined below.
It is found at $0.245-$0.25.
According to our analysis, the XRP price is likely to reach it.
XRP Price Summary
The XRP price is trading inside a symmetrical triangle. According to our analysis, it is likely to break down. For trading purposes, we consider XRP a “short” until it reaches the low $0.20s. Do you think XRP 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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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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