Market Analysis

XRP/USD Technical Analysis: Ray of hope for price trend to regain momentum

from Amb Crypto 5 years ago 0 0 650

Post the traumatic crash in the cryptocurrency market, all the coins across the board are struggling to regain momentum and control. At the time of writing, XRP was down by 9.17%, trading at a depreciated price of $0.45 with a market cap of $18.2 billion. The total 24-hour trading volume was $1.17 billion,

1-hour:

In the 1-hour scenario, the downward trend is extending from $0.51 to $0.47 with support line fixed at $0.45 level. The downtrend is forming a descending triangle with the support to depict a downward slide in XRP price.

The Parabolic SAR is predictive of a bullish on the price trend. The dots are floating below the price candles to uplift the prediction.

The Awesome Oscillator is also suggestive of a green trend. The bars have turned green to side with the bull.

The Klinger Oscillator is also nodding along with its fellow indicators. The reading line has been bouncing off the reading line and keeping itself from making a bearish crossover. The indicator is now approaching upwards to predict positivity.

1-day:

In the 1-day timeframe, the upward trendline is ranging from $0.27 to $0.48. The current resistance is set at $0.58. Furthermore, there is an upward trend noticed in this timeline as the trendline forms an ascending triangle with the resistance.

The Bollinger Bands are not showing much volatility as of now but are indicating a slightly higher fluctuation in the XRP market.

The Chaikin Money Flow is extremely bullish on the XRP price. The reading line has taken an upward approach to side with the bull.

The RSI disagrees with the majority of the indicators by predicting a bearish rule in the market. The reading line is plunging further at the moment to confirm the stance.

Conclusion:

This technical analysis marks that most of the above indicators have predicted a bullish trend for the cryptocurrency. RSI is the odd-one-out from the bunch and has sided with the bear. However, XRP is not expected to experience much price fluctuation.