XRP/USD Technical Analysis: Cryptocurrency struggles to break sideways movement mold

The new year has started off well for the cryptocurrency industry with several popular coins seeing gains and steady price holds. Bitcoin [BTC], Ethereum [ETH] and XRP all witnessed their values shooting up, which went hand in hand with a reshuffle between Ethereum and XRP in the number 2 and number 3 position on the charts.

1-hour

The one-day graph for XRP shows the price holding steady and moving in a sideways manner. This sideways movement has also resulted in the downtrend being of a low magnitude, with the coin falling from $0.425 to $0.391. The immediate support has been holding at $0.262, while the immediate resistance is at $0.425.

The Bollinger band represents the exact same behavior of the price chart, moving in a steady manner without any major price outbreak.

The Parabolic SAR has been a mix of bearish and bullish signals with the current hold being bullish.

The Relative Strength Index shows the cryptocurrency coming down to the middle of the graph after staying right at the overbought zone. This is an indication of the buying pressure decreasing in magnitude.

1-day

XRP’s one-day graph paints a very similar picture to that of the one-hour chart, with the sideways price movement becoming apparent. The immediate support is at $0.262 while the recent downtrend brought XRP’s price down from $0.517 to $0.293.

The Chaikin Money Flow indicator has stayed below the zero line for almost a month now. The hold below the zero line represents the increase in the money flowing out of the market than the inflow.

The Awesome Oscillator shows a distinct lack in movement during the new year with the graph almost tending to zero. This may be due to the lack of market momentum within the market.

Conclusion

The above-mentioned indicators point to an absence of massive breakouts and the bull struggling to lift the price above the stagnated point. The year 2019 has started offering a much better stable position for the cryptocurrency market compared to the last few weeks, with the bear still looming large.