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Analysis

XRP/USD Price Analysis: Flattened sideways movement of prices resumes

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XRP/USD Technical Analysis: The flattened sideways movement of the prices resumes
Source: Unsplash

XRP is currently the third-largest cryptocurrency in the world by market cap as per data obtained from CoinMarketCap after Ethereum took over XRP recently. However, it doesn’t seem like XRP is taking over Ethereum any time soon as the disparity between them has increased considerably.

The price of XRP, at press time, was $0.3152, with a market cap of $12.74 billion. The 24-hour trading volume of XRP is at $592 million, and the major contributor is ZB.COM via trading pair XRP/BTC.

1-hour

The uptrend for XRP ranges from $0.2952 to $0.3044, while the downtrend extends from $0.3334 to $0.3202. The support at $0.2928 is holding steady, but the resistance line at $0.3160 is currently being tested at the time of writing.

The Parabolic SAR markers have spawned below the price candles, indicating a bullish presence in the one-hour time frame for XRP.

The MACD indicator shows a bullish crossover which is still in play, and it also shows a probability of the lines crossing over to the bottom in a bearish crossover soon.

The Awesome Oscillator shows the same trend as the MACD indicator as the green lines have run out of strength and red lines with decreasing highs are being formed, indicating a depletion of the uptrend.

1-day

The one-day chart is yet to develop an uptrend for XRP. However, the downtrend extends from $0.9027 to $0.3160. The support at $0.2587 is holding good, while the resistance at $0.35836, $0.6809, and $0.9027 are yet to be tested.

The Aroon indicator shows a declining up and downtrend for XRP in the longer time frames as the Aroon up and down lines are both falling down midway.

The Chaikin Money Flow indicates a neutral stance for the money flowing in and out of the XRP market.

The Relative Strength Index also shares the same move as the CMF as the RSI line is at the 50-line, indicating a relatively equal momentum for both the sellers and the buyers.



Conclusion

The one-hour chart shows a diminishing short-term uptrend i.e., the bullish trend, which is indicated by the SAR, MACD, and AO indicators. The one-day chart for XRP shows a rather neutral trend as indicated by Aroon, CMF, and RSI.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Analysis

Bitcoin SV [BSV], Tron [TRX] and Litecoin [LTC] surge as Bitcoin [BTC] approaches $9,000 mark

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Source: Pixabay

The cryptocurrency market was surging again as the fork coin, Bitcoin Satoshi Vision [BSV], led the rally after a quiet weekend. The collective market cap stood at $268.7 billion with Bitcoin’s [BTC] dominance at 57.4%.

The controversy-ridden BSV managed to outshine the king coin, BTC in the latest surge, even as the latter made another leap over $8,500 and was closing in on the $9,000-mark.

Bitcoin SV [BSV]

The digital asset’s price took a major hit following Craig Wright’s rants and legal notices to several prominent persons in the space. At press time, BSV held a market cap of $1.91 billion and was priced at $106.8 after rising by 17.29% over the last 24 hours. The coin recorded a 24-hour trading volume of $414 million, with Upbit contributing over 9% via the trading pair BSV/KRW.

Source: TradingView

Tron [TRX]

At a time when most crypto-assets cooled down and retired on a bearish note over the weekend, Tron rallied following Justin Sun’s tweet, leaving the community on a bull ride.

“Something huge and amazing going about #TRON and #BitTorrent. I will share with you after June 1. I think I have 70% to win and nail it. Fingers crossed! $TRX $BTT”

TRX rose by 13.70% over the last 24 hours and was valued at $0.031. At press time, the eleventh largest digital coin held a market cap of $2.11 billion and recorded a trading volume of $1.23 billion over the past 24 hours, of which 8.9% was traded via TRX/USDT pair at BW.com.

Source: TradingView

Litecoin [LTC]

Litecoin was trading fairly well, despite few setbacks this year. LTC’s price soared mostly due to the much-anticipated halving event and several institutional adoptions. The fifth largest coin surged by 11.28% over the last 24 hours, catapulting its price to $113.6. At press time, LTC held a market cap of $7.04 billion and registered a 24-hour trading volume of $5.82 billion. Additionally, Coineal contributed a significant 11.3% trading volume via LTC/BTC.



Source: TradingView

Bitcoin [BTC]

The king coin achieved yet another milestone and surpassed $150 million market cap, as BTC approached the $9,000-mark with the latest upswing. It rallied by 8.36% over the past 24 hours and was valued at $8,698. At press time, BTC held a market cap of $154.1 billion and a 24-hour trading volume of $28.7 billion. Besides, 13.07% of the total trading volume was contributed to by Bitmex via XBT/USD.

Source: TradingView





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