On Apr 3, 2019, Ripple reached a high close to $0.386 and €0.338. A rapid drop followed. Lows close to $0.313 and €0.278 were reached on Apr 15.
A rapid increase was followed by a gradual decrease. Prices began a slight reversal on Apr 21.
At the time of writing on Apr 22, XRP is trading slightly below $0.33 and €0.295.
SponsoredWill the price of Ripple continue increasing or can we expect price to fall further?
Let’s find out:
XRP (XRP): Highlights and Trends For April 23, 2019
- The price of XRP has been on a downtrend since Apr 6.
- It is trading inside a descending wedge.
- The moving averages have recently made a bearish cross.
- Ripple is trending along a long-term support line.
- There is resistance near $0.35/€0.3 and support near $0.30/€0.265.
Descending Wedge
On Apr 4, the price reached a low of $0.325. Several market cycles were subsequently completed. The price has created lower lows each time.
Tracing these lows gives us a descending support line:
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On Apr 5, the price reached a high of $0.386. At the time of writing, several lower highs had been reached.
A descending resistance line is created by tracing these highs.
Taken together, the resistance and support lines combine to create a descending channel:
Technical Indicators
On Apr 16, the 10-day moving average crossed below the 21-day MA. This is known as a bearish cross and often precedes price decreases.
SponsoredOn Apr 23, the MACD line crossed into negative territory. This strengthens the validity of the previous bearish cross.
Based on these indicators, we believe the price will continue to decrease towards the support line traced above.
Reversal Areas
We now incorporate resistance areas into our analysis to better determine future price fluctuations.
The closest resistance area is found near $0.35/€0.3 was reached on Apr 15.
Since then, the price has been trading below the resistance. While it is possible that slight price increases may bring XRP back to this level, price decreases from this level appear likely.
XRP may drop to the support line in the near future. Lows around $0.3/€0.265 might be expected.
Summary of Analysis
Based on this analysis, the price of Ripple is likely to decrease at the rate predicted by the wedge and eventually reach the long-term support line. While slight price gains toward the resistance area are possible, they would likely precede greater losses.
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.
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