CoinSpot lists Australia’s first gold and silver-backed cryptocurrency
FATF’s regulations will push criminal activity to privacy coins: CipherTrace CEO
New Members Added to Ripple’s Regulatory Team, Will Experience Improve the Blockchain Association?
Flash Crash Sends Bitcoin Price Below Key Moving Average
Crypto Bloodbath: Bitcoin [BTC] Slips to $7.5K; $200 MM Longs Liquidated on BitMEX
Bitcoin Has Been Hijacked by Communists, Claims BSV Supporter
Bitcoin Price Movement Looks Like ‘Absolute Garbage,’ Claims Analyst
Time to Buy Bitcoin, Stop Yelling about Gold, Says New Grayscale Commercial
Voyager Digital to pay Users Interest on Bitcoin (BTC) Holdings
Dow Wobbles as Trade War Sinks Its Fangs Into Corporate Earnings
Russia’s Villainy Prevents Call of Duty Launch on PlayStation Store
CZ Claims Vladimir Putin To Be the Most Important Person in Blockchain
Updating Live: Zuckerberg Hearings Before Congress on Libra
Bitcoin Drops 2.92%, Now Back to Testing $8,000 Price Level
ICO Returns: Class of 2017 Still the Champion
Bitcoin Suisse invests $3 million in CoinRoutes crypto-trading platform
Bitcoin (BTC): Short Term Bullish Trend Reversal Is Only A Matter Of Time
Bitcoin Falls Like Clockwork on Futures Expiry Friday
$7.5K: Bitcoin’s Price Tanks to Four-Month Low
Hashing Systems set to open name service for Hedera (HBAR) network
Binance Lending Platform Introduces 'Flexible Deposits' for BNB, BTC, and BUSD
Bitcoin Halving Price Similarities Outlined by Analyst
Bitcoin Crashes to $7,400 as Crypto Markets Falter
Ripple Adds New Energy To Its Regulatory Team, Joins The Blockchain...
Large Institutional Bitcoin Investors Are On The Rise In Q4 2019 – Report
XRP Price Analysis: XRP/BTC Drops Below 3000 Satoshisopen_in_new
On June 6, 2019, the XRP price reached a high of 3600 satoshis. A gradual decrease ensued, which intensified on June 8. On June 11, it reached lows of 2780 satoshis.
At the time of writing, it was trading near 3000 satoshis.
Where will it go next? Keep reading below in order to find out.
You can read our previous analysis here.
You buy :
In dollars :
To email :
A look at the daily time-frame shows that XRP has been trading inside a descending wedge since May 26.
The descending wedge is a bullish pattern, making price breakouts more likely.
Furthermore, the RSI supports the initiation of a breakout.
As is visible below, it has been generating bullish divergence since June 25.
The fact that the divergence is occurring at the support line of a bullish pattern further affirms its validity.
However, it is not present in the MACD.
In order to break out from the wedge, the price would have to increase above 3500 satoshis — the level of the resistance line.
Let’s take a look in the short-term to see potential resistance levels until 3500 satoshis.
In the short-term, we can see that the XRP price is following a descending resistance line.
At the time of writing, it was making an attempt at a breakout.
Additionally, similar to the long-term view, there has been bullish divergence developing in both the RSI and the MACD.
This divergence is especially noticeable during the lows of July 10 and 11.
It preceded the upward move towards the resistance line.
The combination of short- and long-term divergence makes it likely that the XRP price will break out of the resistance.
If it does, potential resistance levels are shown below:
The closest resistance level is found near 3200 satoshis, given by the 0.5 fib level of the drop.
It is followed by resistance levels at 3300 and 3500 satoshis.
The final resistance level of 3500 satoshis also coincides with the resistance line of the wedge outlined in the first section.
Therefore, a breakout above it would signify a breakout from the wedge.
The XRP price is trading inside a descending wedge.
Technical indicators support the initiation of an upward move towards the resistance line of the wedge.
A breakout remains possible.
Do you think the XRP price will reach the resistance line of the wedge? 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.
As a trusted news outlet in the blockchain and cryptocurrency industry, BeInCrypto always strives for the highest journalistic standards and adheres to a strict set of editorial policies. BeInCrypto is an independent website with authors and management that may personally invest in cryptocurrencies or blockchain startups.