XRP/USD Technical Analysis: Coin struggles to pull itself out of swamp

The cryptocurrency market is still drowning in the red flood caused by the bear. Here, XRP is attempting to cope with the loss, however, it is still down by over 6%. At the time of writing, the coin was trading at $0.48 with a market cap of $19.4 billion. The 24-hour trading volume is recorded at over $1 billion.

1-hour:

In this timeline of XRP candlesticks, the uptrend is extending from $0.43 to $0.47. Here, the resistance is set at $0.52. Furthermore, the uptrend is forming an ascending triangle with the resistance point to suggest a bullish presence in the market.

The Bollinger Bands are showing heavy volatility in the XRP market. The bands have widened to give space to the price to fluctuate.

The Chaikin Money Flow is currently bullish on the cryptocurrency. The reading line is traveling above the 0-line to indicate a healthy trend in the market. However, the indicator has just taken a downward approach, blurring the prediction.

The RSI is bearish on XRP, unlike its fellow indicator. RSI bounced back after touching the oversold zone and is moving towards the same path again.

1-day:

In the 1-day time frame, an upward trend can be witnessed from $0.27 to $0.47 whereas the resistance level is set at $0.58. The trendline is forming a triangle with the resistance line to project a healthy market for the coin.

The Aroon Indicator is suggestive of a bearish run for the cryptocurrency as the downtrend is stronger in the above scenario. However, the downtrend can also be seen to be diminishing in strength to stabilize the market.

The Awesome Oscillator is showing a weak sign of a bullish market for XRP as the bar has just turned green from a pre-existing red.

Conclusion:

This technical analysis can be concluded by stating that the coin is struggling to regain its momentum once again by entering a bullish market. Though in the bear’s den, indicators suggest that it is possible for the cryptocurrency to move up. The Bollinger bands are also suggestive of a high volatility for XRP.