XRP Price Analysis
The XRP (XRP / USD) is trading above the year price averages. The monthly average has exceeded the quarterly average. This is a validation of a rise in upward prices.
A positive push came when the Pittsburgh-based bank, PNC, announced that it will use the Ripple xCurrent payment technology product to facilitate immediate payments. This announcement helped the cryptocurrency to increase in value.
XRP formed a double lower support model around the low of the year of 0.246 and a strong breakout model between 0.31 and 0.34.
Week: 0.310 Strong: 0.280 Key: 0.246
Week: 0.340 Strong: 0.358 Key: 0.375
Month: 0.309 Quarter: 0.286 Year: 0.303
What is a model of head and shoulders?
A head and shoulders model is used in technical analysis to predict a change in asset price trends.
The formation of the model consists of a lower price spike that resembles a left shoulder, a higher price spike that resembles head formation, a right shoulder that is another lower price spike and a neckline that is drawn by analysts. The change in direction occurs when the price level of the neckline breaks out followed by a high volume of trade.
The inverted head and shoulder design has a mirror image. It consists of a higher price depression that resembles an upturned left shoulder, a lower price depression that looks like an upside down head, a right shoulder that is another higher price and a neckline designed by analysts. Indicates a possible price fund followed by the appreciation of the value of the assets
* The opinions and opinions presented in this section reflect only the private opinion of the author and should not be considered as a guide for trading.
This article was written by Yaron Mazor, senior analyst at DX.Exchange