XRP/USD Technical Analysis: Decreasing momentum serves coin to bears on a silver platter

XRP has been the one coin in the market that has proven itself to be the most resilient to the bear’s attacks, continuing to maintain important support levels and staying above its lows of this year. The momentum that spurred XRP to become the #2 cryptocurrency has since died down, with the RSI demonstrating that the market has begun losing the buying pressure that acted as an armor for the drop in price.

1 hour:

The short-term outlook for XRP shows an uptrend from $0.413 – $0.438, with the dominant downtrend extending from $0.511 – $0.485 – $0.437. There is a support level seen at $0.413, far above the coin’s bottom at $0.27 earlier this year. The coin’s resistance is set at $0.514.

The Aroon indicator shows that both the downtrend and uptrend have lost power, with a reversal set to occur.

The MACD seems set for further upwards movement, with the two lines widening the gap between them.

The momentum indicators shows that strength of price movement is reducing, as demonstrated by the indicator moving closer to the 0 marks.

1 day:

An uptrend is seen from $0.269 – $0.423, with a downtrend from $0.894 – $0.55 – $0.437. Support levels are set at $0.262 and $0.376, with resistances at $0.585 and $0.688.

The RSI is resting in the middle after a spike downwards and a recovery to the middle yet again.

The Relative Vigor Index is also demonstrating a bearish crossover, as seen by the movement of the RVGI line over the signal.

The Parabolic SAR is bearish, as seen by the presence of the dots above the candlesticks.

Conclusion:

The price of XRP seems to be headed for another preliminary dip before a recovery, which will occur around the end of this week. The coin might test the supports at $0.413 and $0.376 before moving to the $0