On Apr 10, 2019 XRP reached a high of nearly $0.37. It began a downtrend, which intensified the next day.
At the time of writing, it has fallen to a low of $0.315.
Will XRP break down below $0.30?
Let’s find out:
XRP (XRP): Highlights and Trends For April 11, 2019
- The price of XRP/USD has been on a downtrend since Apr 8.
- It is following a long-term ascending support line.
- Bearish divergence is developing in the RSI.
- There are support areas near $0.323 and $0.30.
On Apr 10, the price reached a high of $0.368. It has been decreasing since. The decrease intensified on Apr 11 but reverted to the mean later that day. The price has made several lower highs.
Tracing these highs gives us a descending resistance line:
There is no visible support line yet.
How long will the drop continue?
In order to answer that, we need to take a look at a longer timeframe and some technical indicators.
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 another high of $0.386 on Apr 5.
Similarly, the RSI made the first high on Apr 3. However, it has continued to generate lower values.
This is known as bearish divergence and often precedes price decreases.
Furthermore, we can see that the price of XRP is following an ascending support line since Dec 2018.
Using this indicator, we believe that the price of XRP will decrease towards the ascending support line.
To determine the possible levels which XRP can initiate a reversal prior to the support line, we incorporate support areas into the analysis.
The closest support area is found near $0.323, where the price is currently trading. The second support area is found near $0.30, coinciding with the support line drawn in the previous section. We believe the price will eventually reach this area.
Summary of Analysis
According to our analysis, the price of XRP will eventually reach the support area near $0.30. While it is possible that short-term increases will occur, we believe that a drop to $0.30 is likely.
For more about XRP including long-term price predictions, click 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.