XRP Price Prediction: The Symmetrical Triangle Is Invalidated, Is a Double Bottom in Store?

Blokt
- Jan 29th 2:34 pm

Long-Term Outlook

XRP Weekly Chart – Source: Tradingview.com

A look at the Weekly chart for XRP shows that price is trading within the $0.27-$0.30 area of support, currently trading at $0.294.

If the support fails, the next area of support will be found at $0.14-$-0.17.

Price is trading below the 7, 21 period moving averages and the Ichimoku cloud, and is facing very close resistance from the 7-period moving average.

Furthermore, the MACD is showing signs of weakness, starting to fall after a long period of consolidation.

Medium-Term Outlook

XRP 3-Day Chart – Source: Tradingview.com

A look at the 3-day chart shows that price is close to reaching the bottom of August-September 2018 at $0.27.

Price is also trading below the 7 and 21 period MAs which have made a bearish cross.

The RSI is at 45, indicating neither oversold nor overbought conditions.

Furthermore, the MACD has turned bearish and looks like it wants to keep falling.

XRP Daily Chart – Source: Tradingview.com

A look at the Daily chart shows the structure XRP is trading in.

We can see that price broke down from the possible symmetrical triangle it was trading in.

However, it was done so in minuscule volume.

Therefore, since the trendline was only touched twice and the volume on the breakout is extremely small, it is likely that the pattern is invalidated, and the price will proceed to form a different one, such as a double/triple bottom or a cup and handle.

Short-Term Outlook and Price Prediction

XRP 6-Hour Chart – Source: Tradingview.com

A look at the 6-hour chart shows that price has fallen to the bottom of December 10-17, doing a 100% retrace.

The RSI was 20 for a short period, indicating oversold conditions before rebounding above 30 and starting to develop a small amount of bullish divergence.

XRP Price Prediction:

I believe that the small support area underlined in the 6-hour chart will not hold, and the price will keep falling to the bottom of the $0.27-$0.30 support area.

Conclusions:

  • Price is in the support area at $0.27-$0.30.
  • Price is below most moving averages.
  • The RSI has started to develop bullish divergence in short time-frames.

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XRP Price Prediction: The Symmetrical Triangle Is Invalidated, Is a Double Bottom in Store? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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