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XRP/USD Price Analysis: The bulls take the prices to a short-term rally

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XRP/USD Technical Analysis: The bulls take the prices to a short-term rally
Source: Unsplash

The bulls seem to have entered the XRP markets as the price of XRP has been constantly pumping, taking it for a short rally. The current price of XRP at the time of writing was at $0.29 with a market cap $12 billion.

The 24-hour price change of XRP is 1.73% and the trading volume for 24-hour is $442 million, most [$52 million] of the trade volume for XRP is from ZB.COM exchange via XRP/BTC trade pair.

1 Hour

The one-hour time frame shows no uptrends, but a downtrend that extends from $0.3392 to $0.3049. The support for XRP can be seen at $0.2928, while the resistance lines can be seen at $0.3049 and $0.3160.

The Parabolic SAR markers are seen spawning below the price candles which indicates a bullish momentum for the XRP markets.

The MACD indicator is undergoing a bullish cross over as the MACD line has crossed the signal line to the top.

The Awesome Oscillator shows a shift in the color of the bars, which indicates a shift, an increase in the momentum of the prices.

1 Day

The downtrend for the XRP prices in the one-day chart extends from $0.9027 to $0.3276, but there is not clear uptrend visible yet in the longer time frame which indicates that the prices haven’t made any significant moves lately. The support for the longer time frame chart can be seen at $0.2587, while the resistance points can be seen at $0.5836, $0.6880, and $0.9041.

The Aroon indicator shows a rising green Aroon line indicating that the uptrend is in full swing and in control of the XRP markets.

The Stochastic indicator shows a probable bullish crossover just around the corner.

The Chaikin Money Flow shows an increasing greenline trying to cross above the zero-line, indicating that the buyers are coming into the XRP market.

Conclusion

The one-hour chart is lit with bull signals all across the chart as indicated by SAR, MACD, AO indicators. The one-day chart shows a bullish sign with all of its indicators [Aroon, Stochastic, and CMF]



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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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