On September 6, 2019, the XRP price reached a low of 2366 satoshis. An upward move ensued and XRP made a high of 2580 satoshis on September 11. It has been decreasing since.
How long will the decrease continue for XRP? Continue reading below if you are interested in finding out.
For our previous analysis, click here.
XRP Price: Trends and Highlights for September 13
- XRP/BTC is not following a trading pattern.
- There is support at 2420 satoshis.
- The XRP price is trading below its daily moving averages.
- A bullish divergence has developed in the daily RSI and MACD.
- XRP has possibly begun an upward move with a bullish hammer candlestick
XRP Price is Tracing Support
Looking at the six-hour chart allows us to trace one support area.
The area is found near 2420 satoshis.
At the time of writing, the XRP price was trading slightly above it.
XRP Price Technical Indicators
A look at the daily moving averages (MA) reiterates the strong resistance above the current price.
The XRP price is trading below both the 10- and 20-day MAs, which have previously made a bearish cross.
Additionally, the upward move discussed in the introduction stopped once the price reached the 20-day MA.
However, when we incorporate the RSI & MACD into the analysis, we can see that the price has been developing signs that it will begin an upward move.
Both have been generating significant bullish divergence since August.
This divergence preceded the upward move beginning on September 6.
The level of divergence is extremely significant and visible in long-term time-frames.
Therefore, we believe that the current upward move is not yet finished and there are further increase in store for the XRP price.
Additionally, a closer look at daily candlesticks gives us one more reversal sign.
On September 6, the XRP price created a bullish hammer.
This is considered a reversal sign, especially when it is found at the end of a downtrend.
Combined with the bullish divergence, this reiterates our belief that further increases are in store for XRP.
One support area is traced below.
The price is likely to decrease until it reaches it before it begins an upward move.
The XRP price is not following a clear trading pattern.
However, it is trading slightly above a significant support area.
For hypothetical trading purposes, even though we believe XRP will increase, the current price position does not seem favorable for the initiation of a trade.
Do you think XRP will begin an upward move? 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, Trading
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