XRP recovers price, but may ride the bears for a while yet - AMBCrypto
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Analysis

XRP recovers price, but may ride the bears for a while yet

Manu Naik

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XRP has been making steady, but small gains over time, and the addition of the pegged XRP-BF2 on Binance recently is likely to aid it in its efforts. Its market cap is at around $11.8 billion and the trading volume over the last 24 hours was $1.26 billion, experiencing a 0.22% rise in the last day according to CoinMarketCap.

XRP was traded the most on the MXC exchange which was responsible for 6.74% of the overall trade.

Source: CoinStats

XRP 1-hour chart

Source: XRPUSD on TradingView

Resistance 1: $0.273
Resistance 2: $0.289
Resistance 3: $0.310
Support 1: $0.262
Support 2: $0.234

Despite slight losses in the last 2 days, XRP seems be doing well, consolidating $0.27 and $0.28.

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

Chaikin Money Flow indicated a mostly 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.

1-day chart

Source: XRPUSD on TradingView

Resistance 1: $0.304
Resistance 2: $0.370
Support 1: $0.268

The 1-day chart indicated that the price of XRP had been mostly moving under Support 1 since mid-August, which it has currently breached.

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 under 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.