XRP/USD Technical Analysis: Price resting at crucial resistance level ahead of breakout

XRP has observed a period of decreased volatility during the past week, following suit with the rest of the cryptocurrency market. However, the charts seem to predict a movement for the price very soon.

1 hour:

The price of the coin is resting on a crucial support level, namely the $0.51 level. There is also a prominent downtrend from the $0.544 – $0.52 levels, forming a triangle with the support as the floor.

The EMA is at $0.517, acting as a resistance for the price.

The Klinger Volume Oscillator has formed a bearish cross earlier this week. However, it is drawing close to another crossover soon.

The Stochastic RSI is bullish, as seen by the strong dip into the oversold zone.

4 hour:

The dominant trend lines are the $0.328 – $0.51 uptrend and the $0.611 – $0.52 downtrend. The continuation of the uptrend is seen in the $0.598 – $0.611 range.

The Awesome Oscillator is flashing green, which is seen as a bullish sign.

The MACD is set to converge, as seen by the histogram moving towards zero.

1 day: There was a dip into the oversold region on the Stochastic Momentum Index, representing a bullish run to come.

However, the Parabolic SAR is flashing a bearish sign, as seen by the presence of the dots above the candlesticks.

The $0.507 – $0.574 and $0.27 – $0.51 provide upwards momentum as contrasted against the $0.577 – $0.52 downtrend.

Conclusion:

The price will test the $0.675 resistance in case of an upwards break. Downward momentum will also find XRP is safe clutches at the $0.489, $0.378 and $0.263 limits.