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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.

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