Connect with us

Analysis

XRP/USD Price Analysis: Cryptocurrency price stagnates as market reports non-existent momentum

Akash Anand

Published

on

XRP/USD Price Analysis: Cryptocurrency price stagnates as market reports non-existent momentum
Source: Pixabay


XRP and its movement in the market was quite sporadic, with bullish gains and bearish drops always in the mix. This behavior was also reflected among other popular cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH].

1 hour

Source: TradingView

The one-hour chart for XRP showed a downtrend that lowered the price from $0.322 to $0.311. The long term support was at $0.308, while the resistance was at $0.326.

The Bollinger Bands were moving parallely due to a lack of price breakouts. The reduced size of the Bollinger clouds also showed an unmoving market.

The Chaikin Money Flow indicator was below the zero line, meaning that the capital leaving the market was lower than the capital coming into the market.

The Awesome Oscillator was almost negligible due to the non-existent market momentum in the XRP market.

1 day

Source: TradingView

XRP’s one-day graph painted a similar picture to that of the one-hour graph as the downtrend resulted in the price dropping from $0.517 to $0.331. The long term support was at $0.258.

The Parabolic SAR was below the price candles, suggesting that XRP was in the bullish spectrum.

The Relative Strength Index was closer to the oversold zone, a sign of the selling pressure being more than the buying pressure.

The MACD indicator was moving in a conjoined fashion after having undergone a bearish crossover. The MACD histogram was predominantly bearish.

Conclusion

A majority of the aforementioned indicators projected that XRP was still in the bear’s realm, as exhibited by the lack of market momentum and increase in market cap.





Subscribe to AMBCrypto’s Newsletter


Partner

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement