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XRP/USD Price Analysis: Prices stagnate as the bears and the bulls continue to brawl

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XRP/USD Price Analysis: Prices stagnate as the bears and bulls continue to brawl
Source: Unsplash

XRP, once the second largest cryptocurrency is now the third largest in terms of market cap on CoinMarketCap. The price of XRP at press time was $0.3079, with a market cap of $12.4 billion.

The 24-hour trading volume is low when compared to competing cryptocurrencies and at $412 million, most of the volume for XRP comes from the exchange ZB.COM via the trading pair XRP/USD.

1 Hour

The one-hour chart for XRP shows an uptrend that extends from $0.2952 to $0.3046, while the downtrend ranges from $0.3334 to $0.3093. The support at $0.2928 and $0.3038 are both holding the prices from falling. The price of XRP is currently bouncing off the resistance at $0.3160.

The Parabolic SAR markers are forming above the price candles indicating a bearish pressure on the prices.

The MACD indicator shows a crossover to the top, as the MACD and the Signal line are undergoing a bullish crossover. The histogram shows increasing green bars developing over the zero-line.

The Awesome Oscillator shows the same projections as the MACD, as it has also undergone a bullish crossover. The green bars developing over the zero-line indicates an increasing momentum.

1 Day

The longer time frame for XRP shows a dominant downtrend with no signs of a strong uptrend evolving. The downtrend extends from $0.9027 to $0.313. The support at $0.2587 is the only thing holding the prices from spiraling downwards. The resistance points at $0.5836, $0.6880 and $0.9027 will be tested soon considering how the prices are behaving.

The Aroon indicator shows a simultaneous increase of both the uptrend and the downtrend as the Aroon green and the red lines are both heading upwards.

The Chaikin Money Flow indicator is still below the zero-line indicating that the sellers are still pressuring the buyers i..e, the money is still flowing out of the market.

The Relative Strength Index shows the same scenario as the CMF as the RSI line is below the 50-line. This indicates that the sellers are dominant in the XRP market.



Conclusion

The one-hour chart shows bullish signs for the shorter time frame as confirmed by the MACD and AO indicator, contrary to the bearish indications of the the SAR indicator. The Aroon, CMF and the RSI all indicate a stagnant and sideways motion with a slightly bearish outlook for XRP in the longer term.



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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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