Ripple’s XRP Price Remains in a Descending Triangle as Cryptocurrencies Consolidate

2019-1-9 19:14

XRP Daily Chart – Source: Tradingview.com

Most major cryptocurrencies are consolidating today. However, some exceptions include Tron and Cardano which are both showing strong price performances.

Ripple’s XRP – the third largest cryptocurrency by market cap – is also consolidating and continues to trade within a descending triangle pattern which has been forming since the end of December.

A descending triangle pattern is a bearish trend continuation pattern.

It makes it more likely that the next significant move for XRP will be a break below this pattern.

XRP is currently forming its third consecutive daily Doji candle evident of the price consolidation which has been taking place near the top of the descending triangle pattern.

A Doji candle is a candle where the open and close are around the same point.

It is characteristic of the current consolidation and typically precedes a significant move.

XRP 4-Hour Chart – Source: Tradingview.com

The four-hour chart shows in closer detail how price action is reacting to the descending triangle pattern.

Price has tested the trendline of the triangle on five occasions as indicated by the black arrows.

The most recent candle is showing the price starting to depreciate from this point.

If price can break above the descending triangle, resistance is expected to come into play in the $0.39 to $0.4 area.

This has been an important area of liquidity in the past for XRP and has acted as a point of resistance on numerous occasions as illustrated by the daily chart.

Ripple Labs, who hold a large percentage of XRP and offer services that utilize the token, recently surpassed 200 customers while XRP also received its first endorsement from a bank.

London-Based Bank Endorses XRP as Ripple Announces New Customers https://t.co/C4idd3JGeP #cryptocurrency #ripple

— [blokt] – Bitcoin, Blockchain & Cryptocurrency (@bloktcrypto) January 9, 2019

Key Takeaways: XRP continues to trade in a descending triangle pattern as most major cryptocurrencies consolidate today. The descending triangle pattern makes it more likely that the next significant move in XRP will be to the downside. In the event that the next significant move is to the upside in XRP, $0.39 to $0.40 is expected to act as an area of seller liquidity and resistance. Latest Ripple News:

Descending Triangle Continues for Ripple’s XRP

London-Based Bank Endorses XRP as Ripple Announces New Customers

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Ripple’s XRP Price Remains in a Descending Triangle as Cryptocurrencies Consolidate was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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Ripple (XRP) на Currencies.ru

$ 0.5139 (+0.69%)
Объем 24H $757.762m
Изменеия 24h: -1.32 %, 7d: 3.17 %
Cегодня L: $0.5077 - H: $0.5177
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Цена в час новости $ 0.3199 (60.64%)

descending triangle cryptocurrencies price ripple xrp cryptocurrency

Источник: blokt.com

descending triangle → Результатов: 41


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