On June 9, 2019, the Ripple price (XRP) reached a high of $0.41. A rapid decrease ensued and the price reached a low of $0.37 the same day. Since then, the price has been gradually increasing.
At the time of writing, it was trading near $0.39.
Where will the Ripple price (XRP) go next? Keep reading below and find out. For our previous analysis, click here.
Ripple Price (XRP): Trends and Highlights for June 12
- XRP/USD reached a low on June 9.
- It is trading inside a short-term symmetrical triangle.
- It is trading inside a longer-term descending channel.
- The 10- and 20-day moving averages have made a bearish cross.
- There is resistance near $0.43.
- There is support near $0.36.
XRP Price: Current Pattern
The Ripple price (XRP) is analyzed at 30-minute intervals from June 9 to June 12 in order to trace the current pattern.On June 9, the price of XRP/USD reached a high of $0.413. A rapid decrease ensued and the XRP price reached a low of $0.369 the same day. Since then, it has been increasing, trading inside the symmetrical triangle outlined below:
At the time of writing, the XRP price was trading close to the resistance line of the triangle. It has made several unsuccessful attempts at a breakout. Furthermore, it is approaching the point of convergence between the resistance and support lines.However, this triangle is a short-term pattern inside a different long-term one.Since reaching a low of $0.41 on May 29, the price has been trading inside the descending channel outlined below:
The resistance lines of the triangle and channel are close to each other. Therefore, a breakout from the triangle could also indicate a breakout from the slightly longer term channel.
Will the price initiate an upward move? A look at technical indicators is required in order to find out.
The XRP price is analyzed alongside the 10- and 20-day moving averages (MA) below.On June 10, the 10-day MA crossed below the 20-day one. This is known as a bearish cross and often indicates that a downtrend has begun.
The XRP price is trading below both moving averages, facing very close resistance from the 10-day MA. Furthermore, the latter coincides with the resistance line of the descending channel.
The use of these indicators makes it unlikely that the price will break out from the channel.
However, it is possible that the price initiates a weak breakout from the short-term symmetrical triangle towards the resistance line of the channel.
One support and one resistance area are traced for XRP below.
The closest support area is found near $0.36. If the Ripple price (XRP) continues to decrease at the rate predicted by the channel, it will reach this area around June 15. An analysis of technical indicators supports this possibility.
The closest resistance area is found near $0.43. If the XRP price breaks out from the channel, it is likely to provide a reversal.
To conclude, the Ripple price (XRP) made a high on May 30 and is currently trading inside a descending channel. Furthermore, it is trading inside a short-term symmetrical triangle.
An analysis of technical indicators suggests that a downtrend has begun. The use of these indicators makes it likely that the XRP price will eventually reach the support area outlined above.
Ripple Forecast and Analysis September 16 — 20, 2019
Ripple XRP/USD end the trading week at 0.2512 and continue to move as part of the decline. Moving averages indicate a downward trend. At the moment, we should expect an attempt to develop a correction and test the resistance area near 0.2755. Where again we should expect a rebound and continued fall of the cryptocurrency to the area below the level of 0.1545.
Ripple Forecast and Analysis September 16 — 20, 2019
In favor of reducing the XRP/USD quotes in the current trading week September 16 — 20, 2019, a test of the downward trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the fall option of the Ripple cryptocurrency will be a strong growth and a breakdown of the 0.3515 area. This will indicate a breakdown of the resistance area and continued growth of XRP/USD quotes with a target above the level of 0.3875. A confirmation of the fall of the cryptocurrency will be a breakdown of the support level and closing of quotations below the area of 0.2245.
Ripple Forecast and Analysis September 16 — 20, 2019 involves an attempt to test the resistance level near the area of 0.2755. Where can we expect the continuation of the fall in quotations with a potential target at the level of 0.1545. An additional signal in favor of reducing Ripple will be a test of the trend line on the relative strength index (RSI). The cancellation of the option of falling cryptocurrency will be the breakdown of the 0.3515 area. This will indicate a continuation of the rise with the target above the level of 0.3875.
Ripple’s Community Shows Interest in Forking XRP Into “RippleOne”
What better way to kick off a new week in the crypto industry than by having some potential drama. While Ripple and XRP are prominent entities in the industry, a lot of people have a genuine dislike for both. Things have gotten out of hand recently, as Crypto Bitlord claims he will effectively fork XRP. There is even a Discord channel created for this specific purpose, albeit it seems unlikely much will come of it.
The XRP Fork Plan
While it is not uncommon in the cryptocurrency industry to fork existing projects, most of these ventures are never overly successful. In the case of Bitcoin, there have been so many spin-offs that most people have stopped bothering to keep track of it all. Ethereum also has its own fork, as do numerous other cryptocurrencies on the market today. Surprisingly, it now seems XRP may be added to this list in the near future, assuming the speculation and rumors on Twitter will effectively lead to some plan of action.
If Crypto Bitlord is to be believed, there will be a fork of XRP in the very near future. The new fork will be known as RippleOne and aims to disrupt the existing ecosystem as a whole. Why anyone would try to fork a project which isn’t even a traditional cryptocurrency in the first place, remains rather unclear. It appears this particular user is not too pleased by the way XRP has performed in recent months, although the same can be said about all cryptocurrencies, tokens, and assets on the market right now.
The Discord Channel Goes Live
As is often the case in the cryptocurrency industry, an idea like this tends to get some attention sooner or later. There appear to be many XRP holders who are displeased with how Ripple is handling the sale of XRP through its escrow contracts. Even though that move was designed to bring more legitimacy to the project as a whole, it seems a lot of people don’t understand the purpose of taking this approach. There are also concerns as to how Ripple is effectively pushing the XRP price down by continually selling these locked assets every single month.
As the RippleOne concept gains more traction, it now appears there is a dedicated Discord channel for like-minded users to come together. Although this is a big step in the right direction toward creating RippleOne, it doesn’t necessarily mean an XRP fork will ever occur. More often than not, this is merely smoke and mirrors to try and cause a ruckus. Effectively forking a project and making it successful is a lot more difficult than people might expect. If it wasn’t, everyone would so at their leisure, which is the last thing the cryptocurrency industry needs.
Would it Even Pose a Threat?
To this date, no one can deny Ripple has seen its fair share of success over the past few years. While it is true XRP has lost tremendous value compared to its multi-dollar all-time high, the same goes for most of the markets today, with the exception of Bitcoin. Even that currency is down by nearly 50% compared to its all-time high of late 2017. There is no reason to believe these markets will not recover in due time. That being said, not everyone has the patience of a true holder, which is only to be expected under the current circumstances.
Even if this XRP fork were to be created, one has to wonder if it can pose a legitimate threat. Since everyone knows RIpple and XRP by now, it seems unlikely RippleOne will make much of an impact. Moreover, Ripple has the partnerships necessary to become a successful company, whereas RippleOne would have to start from scratch. There are far easier projects to fork if developers want to make a quick buck, as going after XRP will involve a lot of patience and hard work.
Ripple’s XRP technical analysis: XRP/USD bulls are lifeless with a position to capitalize to the north
- Ripple’s XRP price on Monday is trading marginally in the green, up some 0.20%.
- XRP/USD price action is moving in consolidation mode, sitting just above a breakout pennant structure.
- Upside appears to be very much capped by resistance within the $0.2600 price area.
Spot rate: 0.2542
Relative change: -0.65%
|Today last price||0.2611|
|Today Daily Change||0.0004|
|Today Daily Change %||0.15|
|Today daily open||0.2607|
|Previous Daily High||0.2647|
|Previous Daily Low||0.2592|
|Previous Weekly High||0.2665|
|Previous Weekly Low||0.2511|
|Previous Monthly High||0.3308|
|Previous Monthly Low||0.2392|
|Daily Fibonacci 38.2%||0.2613|
|Daily Fibonacci 61.8%||0.2626|
|Daily Pivot Point S1||0.2584|
|Daily Pivot Point S2||0.256|
|Daily Pivot Point S3||0.2529|
|Daily Pivot Point R1||0.2639|
|Daily Pivot Point R2||0.267|
|Daily Pivot Point R3||0.2694|
XRP/USD daily chart
- XRP is sitting just above a breached bearish technical pennant, there is a lack of commitment for now.
XRP/USD 60-minute chart
- The heavy near-term supply can be observed within the $0.2600 region, as sellers remain capped within region.