XRP/USD Technical Analysis: Resilient and armored coin mounts an attack on bears

XRP, the coin that has recently taken the attacks from the bears which the rest of the market has succumbed to, suffered a minor attack, dropping some of its value over the past few days. However, the coin has recently demonstrated that it might be gearing up for a counterattack.

1 hour:

The short term outlook for XRP shows that the coin has a short support in the form of an uptrend from $0.394 – $0.407. A downtrend is dominating the play, represented in price movement from $0.514 – $0.429 – $0.406. A support is visible at $0.393, with resistances at $0.413, a prior support level, and $0.514.

The MACD is set for a bullish crossover, as seen by the movement of the MACD line upwards.

The Awesome Oscillator is recovering from a bearish run, gaining momentum for a bullish move.

The Aroon indicator reveals that the downtrend is losing power, which might present a chance for the uptrend to take back power.

1 day:

An uptrend is visible from $0.269 – $0.40, owing to XRP’s meteoric rise in Septemeber. A sharp downtrend is visible from $0.894 – $0.55 – $0.50 – $0.40. Supports are set at $0.262 and $0.379, with resistances at $0.585.

The RSI is heading towards the oversold zone as more selling pressure is seen recently.

The RVGI is moving upwards while the signal line stays constant.

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

Conclusion:

The coin seems to be ready to mount a counterattack on the bear’s reign, as seen by the bullish calls on the 1-hour mark. The resistance at the $0.413 mark is sure to be tested, as well as those at $0.514 and $0.585.