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Price Fluctuations Coming Soon For XRP?(Price Analysis for XRP: March 11)

Price Fluctuations Coming Soon For XRP?(Price Analysis for XRP: March 11)
Key Highlights For March 11, 2019

The price of XRP (XRP) started an upward move on Mar 9.
The price is trading inside a symmetrical triangle.
There is bearish divergence developing in the MACD and the RSI.
There are resistance areas near $0.345 and $0.33.
There is support near $0.304.

Ascending Support Line
The price of XRP on Binance is analyzed at 30-minute intervals from Mar 9 to Mar 11.
The price reached a low of $0.311 on Mar 9. It has been making lower highs since. Tracing these lows gives us an ascending support line.
The days in which the line was touched are Mar 9, Mar 10, and Mar 11 (twice).
The support line effectively acts as a floor for the price, preventing further downward movement. However, a breakdown below could initiate a rapid price decrease. Except for lows on Mar 9 and 11, the price has remained above the support.
Lows below the support are insignificant unless they are preceded by sustained movement below the rate projected by the support line. The lows on Mar 9 and 11, thus, can be considered insignificant and price can be considered to have risen at or above the rate predicted by the support over this period.
The retest of the support line can be viewed as a market response to the failed attempts to break out above $0.325. Subsequent price actions (bounce, breakdown) will provide substantial information about market conditions.
Symmetrical Triangle
The price reached a high of $0.325 on Mar 9. It has made lower highs since. Tracing these highs gives us a descending resistance line.

The dates on which the line was touched are: Mar 9 (twice), Mar 10 (twice), Mar 11.
The resistance and support lines create a symmetrical triangle. This is a neutral pattern. It suggests that the price of XRP is likely to remain generally within the triangle until the point at which the resistance meets the support.
The resistance line acts as a ceiling to price. It predicts the upper limit of price during a specific period. If price rises above the resistance, rapid price increases may follow.
While initially, the price increases were smaller than predicted by the resistance line, they reverted back to the mean on the third times the line was validated. As in the case of the support, there was no significant movement above the resistance.
As prices continue to decrease, the price of XRP may continue trading within this triangle until a point of convergence between the resistance and support. At that time, price will be forced to either breakout or breakdown.
Strong rejections from the $0.325 level and the current downward trend suggest that price has lost some of its power. Lower prices may be expected.
Looking Out For a Reversal
The moving average convergence divergence (MACD) is a trend indicator that shows the relationship between two moving averages (long and short-term) and the price. It is used to measure the strength of a move. The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market.
Combining MACD and RSI bullish/bearish divergence with support/resistance essentially predicts price fluctuations.
On  Mar 10, the price made highs at a similar level near $0.32. However, the MACD and RSI did not. While they both made the first high, they created lower highs after. This is called bearish divergence and often precedes drops in price.
In the case of XRP, the amount of divergence in the RSI is not very significant.
Using these indicators, continued price decreases appear slightly more likely than price increases. However, both are possible.
Resistance and Support
The price of XRP on Binance is analyzed at two-hour intervals from Feb 25 to Mar 11 to better predict future possible resistance and support levels. If prices increase, they may reach the resistance levels; however, we project that price will drop to the projected support.

There are two visible resistance areas, near $0.33 and $0.345 respectively. This means that in the case of a breakout, they would provide likely reversal areas. 
The closest support area is found near $0.304. This is a value that we might expect the price to reach if a breakdown occurs.
Summary of Analysis
Based on this analysis, a breakout below the support line appears more likely than a breakout below support. If the price of XRP breaks down from the short-term triangle and moves toward $0.31 such a prediction may be validated.
Do you think that XRP will break out from the triangle? Let us know in the comments below.
Want to Know More about XRP? Click Here!
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.
The post Price Fluctuations Coming Soon For XRP?(Price Analysis for XRP: March 11) appeared first on BeInCrypto .

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