XRP fights off bears as it consolidates around $0.25 - AMBCrypto
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Analysis

XRP fights off bears as it consolidates around $0.25

Manu Naik

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XRP


After hitting lows of $0.23 towards the end of last month, XRP seems to have risen back, oscillating around the $0.25 mark for the last few days currently valued at $0.254. Its market cap is at around $11 billion and the trading volume over the last 24 hours was $955 million, experiencing a 0.55% rise in the last day.

XRP was traded the most on the BCEX exchange which was responsible for 7.54% of the overall trade.

Source: CoinStats

XRP Hourly Chart

Source: TradingView XRPUSD

Resistance 1: $0.26007
Support 1: $0.25089
Support 2: $0.23561

The short term chart of XRP has been witnessing a relatively stable price at around $0.25 in recent times, oscillating around Support 1.

The converging of the Bollinger Bands show that price volatility is lower than before.

Chaikin Money Flow indicated a balanced market, with almost equal distribution and accumulation.

Awesome Oscillator exhibited the appearance of green with weak bullish momentum with the bars getting progressively smaller.

XRP Daily Chart

Source: TradingView XRPUSD

Resistance 1: $0.28019
Resistance 2: $0.32697
Resistance 3: $0.42916
Support 1: $0.23561

The long term chart indicated that the price of XRP had been oscillating between Resistance 1 and Support 1 since the price drop on the 24th of last month when it breached Resistance 1.

Relative Strength Index indicates neither oversold nor overbought, moving just around the 50 mark.

Parabolic SAR suggests the start a bear market is in progress, as it moves over the price candles.

MACD indicated weak bullish momentum, with the signal line having just crossed over the MACD line.

Conclusion

XRP looks to be stable in the short term, with low price volatility, while the long term chart indicates a weak bullish momentum.

Manu is a full-time cryptocurrency journalist at AMBCrypto covering primarily the US market. A graduate in chemical engineering, his writing is centered around regulation and institutional investment within the cryptocurrency space.

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