XRP/BTC Might Be Approaching A Breakout
BeInCrypto | Sep 17, 2019 04:43AM ET
The XRP price has been increasing since September 6. The rally began with a low of 2366 satoshis and ended with a high of 2580 satoshis reached on September 11. After a brief decrease, the price reached similar highs on September 15.
Where will the XRP price go to next? Continue reading below if you want to find out.
XRP Price: Trends and Highlights for September 16
Resistance and Support
A look at the hourly time-frame gives us two reversal areas, one support and one resistance.
The support and resistance areas are found at 2440 and 2560 satoshis, respectively.
At the time of writing, the price was trading slightly below the resistance line, possibly trading inside a horizontal channel.
Where will it go next?
Beginning Of An Uptrend
In order to determine whether XRP will begin an upward move, we will first use the weekly RSI.
It has been generating significant bullish divergence since the beginning of May.
Get The News You Want
Divergence in a weekly time-frame is not common. Therefore, it adds validity to the possibility that the price will begin an upward move.
The 100- and 200-hour moving averages also suggest that further increases are in store.
They created a bullish cross on September 15.
The price has been trading above both of them since.
The combination of these indicators makes us believe that XRP is not yet done increasing.
Future Movement
An outline of possible future movement is given below.
Additionally, one more resistance area is traced.
The XRP price is likely to undergo a short-term decrease, validating the ascending support line,.
Afterward, it should begin another upward move towards the second resistance area, which is found at 2600 satoshis.
XRP Price Summary
The XRP price is not following any clear trading patterns.
According to our analysis, it is likely to increase until it reaches the second resistance area.
For hypothetical trading purposes, even though we believe XRP will increase, the current price level does not allow for the initiation of a profitable long trade.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.