At BeInCrypto, we publish regular price analyses and predictions for XRP. In our Apr 10 analysis of XRP/USD, we predicted that XRP—still known widely as Ripple— would experience slight increases. Our prediction was invalidated on Apr 12, when the price broke down from the pattern we have defined below. To learn more, read our latest analysis below:
On Mar 26, XRP reached a low close to $0.3. Afterward, it initiated a rapid movement which took it to a high above $0.38 on Apr 5.
A gradual decrease followed that intensified on Apr 11.
At the time of writing, the price is trading close to $0.33.
XRP (XRP): Highlights and Trends For April 10, 2019
- The price of XRP/USD has been on an uptrend since Mar 25.
- XRP is trading inside a symmetrical triangle.
- Bullish divergence is developing in the RSI.
- There is resistance near $0.35 and support near $0.3.
Symmetrical Triangle
The price of XRP/USD on Binance is analyzed at four-hour intervals from Mar 25 to Apr 15 to help determine current trading patterns.
On Mar 28, the price reached an hourly low of $0.308. Several market cycles were completed. The price has created higher lows each time.
Tracing these lows gives us an ascending support line:
On Apr 3, the price reached a high of $0.381. Several market cycles have been completed and the price has made lower highs each time.
A descending resistance line is created by tracing these highs. Taken together, the resistance and support lines combine to create a symmetrical triangle:
The trading pattern alone cannot determine if a breakout will occur. To assess this possibility, we need to take a look at a longer time frame combined with some technical indicators.
Technical Indicators
To determine possible future price fluctuations, we analyze XRP/USD from December 2018 to April 2019 alongside the RSI.The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market.
Combining RSI bullish/bearish divergence with support/resistance essentially predicts price fluctuations.
On Apr 3, the price reached a high of $0.381. It reached a similar high on Apr 5.
Similarly, the RSI made the first high on Apr 3. However, it has proceeded to generate lower values.
Bearish divergence is, thus, observed. However, we cannot necessarily expect price decreases since XRP/USD has been following an ascending support line since Dec 15.
Using this indicator, a breakout from the triangle is unlikely. Additionally, while we cannot confidently predict a breakdown, we believe that it is possible.
Reversal Areas
To determine the actual possible future price levels given an increase, we incorporate resistance and support areas into this analysis.Resistance and support areas are created when the price visits the same level several times. They can act as an area of reversal in case a breakdown or a breakout occurs.
Summary of Analysis
Based on this analysis, the price of XRP is likely to trade inside the confines of the symmetrical triangle, and possibly break down and reach the support area at $0.3 For price 2019, 2020, and five-year XRP/USD price predictions click on the green button 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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