Connect with us

Analysis

XRP/USD Price Analysis: Coin rides the bull as bears stalk their prey

Namrata Shukla

Published

on

XRP/USD Price Analysis: Coin rides the bull as bears stalk their prey
Source: Pixabay

XRP, the third-largest cryptocurrency, saw a trend change as the prices finally showed bullish signs. The token suffered a prolonged bear market and eventually consolidated. However, the bulls are entering the market.

At press time, XRP was valued at $0.3117, with a market cap of $12.9 billion. The token reported a 24-hour trading volume of $706 million, while noting a dip by 0.69% over the past day. Even though the third-largest token reported a fall of 0.84% over the past week, and is falling by a minuscule 0.20% at press time, a trend change seems imminent.

1-hour

Source: Trading view

Source: Trading view

The one-hour chart 0f the coin noted an uptrend that extended from $0.3225 to $0.3266, and another price hike was marked from $0.3144 to $0.3157. The token fell from $0.3266 to $0.3177 and traced a resistance at $0.3226 and $0.3266. The token had a support at $0.3143.

Bollinger Bands pointed towards a bullish reign as the moving average line was under the candlesticks. The bands had converged, reducing market volatility.

Awesome Oscillator indicated a reduced bullish momentum.

Chaikin Money Flow marked a bullish market as the marker shot above the zero mark.

1-day

Source: Trading view

Source: Trading view

According to the one-day chart of XRP, the token saw two price hikes. One uptrend was observed from $0.3465 to $0.5639 and another from $0.2707 to $0.4847. The token noted a downtrend from $0.5551 to $0.3198. The resistance was noted at $0.5551 and support at $0.2905.

Parabolic SAR marked a bearish market as the markers aligned above the candlesticks.

MACD line was under the signal line and pointed towards a bearish reign.

Relative Strength Index indicated that the buying and selling pressures evened each other out.



Conclusion

According to a majority of the indicators, including Bollinger Bands, Awesome Oscillator, and Chaikin Money Flow, a bullish market was forecast for the coin. However, the bears have not let go of the coin.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

Published

on

Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending