All the coins across the cryptocurrency chart are in the red zone at present. The third-largest coin, XRP by Ripple is also sailing in the same boat, currently down by 2.2%. At the time of writing, the token was $0.45 with a market cap of $18.1 billion. The 24-hour trading volume is recorded at $277.9 for XRP.
1-hour:
XRPUSD 1-hour candlesticks | Source: tradingview
In the past seven-days, the XRP candlesticks broke the resistance set at $0.472 to take a hike and set the more immediate resistance level at $0.476. A breakout in the price trend is not yet visible or likely due to the space observed between the support line ranging from $0.44 and $0.45 and the resistance point.
To predict the volatility in the XRP market, the Bollinger Bands went through a tunnel pattern but are widening the gap, suggesting an increased volatility in the future.
The Chaikin Money Flow indicator was extremely bullish on the coin but is now observed to be heading downwards, after displaying a staircase climb.
The Klinger Oscillator had been bearish on XRP, running underneath the signal for a day. However, the indicator attempted at a bullish crossover but sprung back down at the contact point with the signal.
1-day:
XRPUSD 1-day candlesticks | Source: tradingview
In the one-day timeframe of the XRP candlesticks, the resistance levels kept shifting to lower highs. In the month of May, the resistance point was set ta $0.9. However, the October price trend broke the resistance level set in July at $0.5, shifting the immediate resistance level to $0.58.
The support line ranging from $0.27 to $0.38 is not showing any possibility of intersection with the downward trend line from $0.9 to $0.58. Therefore, a trend breakout is not likely to occur anytime soon.
The Parabolic SAR looks bullish on the current market of XRP. It is clearly seen that the dots are aligned below the candlesticks, providing much support to the prices.
The RSI is presently bullish just as the above indicator. The indicator is swimming in the green zone but has turned neutral by pointing its tail horizontally.
Much like the RSI, the MACD has gone neutral on the coin by heading straight onto the chart. According to the readings, it is on the bear’s land, traveling underneath the signal. However, it has refused to take a stance on whether it will make a bullish or bearish crossover in the future and is shadowing the signal.
Conclusion:
In this technical analysis, almost all the indicators are either bearish on the cryptocurrency or have predicted a neutral future for the XRP market. Thus, the bear and the bull face the dilemma of whether to dominate the market or leave it undisrupted.
The post XRP/USD Technical Analysis: Price trend appears baffled after a bullish blow appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: XRP/USD Technical Analysis: Price trend appears baffled after a bullish blow
