Is Ripple About to See Another Bearish Drop?

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On Apr 3, 2019, Ripple reached a high close to $0.386 and €0.338. A rapid drop followed. Lows close to $0.313 and €0.278 were reached on Apr 15.

A rapid increase was followed by a gradual decrease. Prices began a slight reversal on Apr 21.



At the time of writing on Apr 22, XRP is trading slightly below $0.33 and €0.295.

Will the price of Ripple continue increasing or can we expect price to fall further?

Let’s find out:

XRP (XRP): Highlights and Trends For April 23, 2019
-The price of XRP has been on a downtrend since Apr 6.
-It is trading inside a descending wedge.
-The moving averages have recently made a bearish cross.
-Ripple is trending along a long-term support line.
-There is resistance near $0.35/€0.3 and support near $0.30/€0.265.

Descending Wedge
The price of XRP/USD on Binance is analyzed at two-hour intervals from Apr 4 to Apr 23 to help determine current trading patterns. We do not include euros in this section because only one trading pair is needed to generate the current trading pattern. Both XRP/USD and XRP/EUR are discussed in the final two sections.
On Apr 4, the price reached a  low of $0.325. Several market cycles were subsequently completed. The price has created lower lows each time.

Tracing these lows gives us a descending support line:



On Apr 5, the price reached a high of $0.386. At the time of writing, several lower highs had been reached.

A descending resistance line is created by tracing these highs.

Taken together, the resistance and support lines combine to create a descending channel:



source: https://beincrypto.com/xrp-ripple-price-analysis-04-23-2019/

Summary of Analysis
Based on this analysis, the price of Ripple is likely to decrease at the rate predicted by the wedge and eventually reach the long-term support line. While slight price gains toward the resistance area are possible, they would likely precede greater losses.