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XRP/USD Technical Analysis: Bears take over as bulls find no respite

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XRP/USD Technical Analysis: Bears take over as bulls find no respite
Source: Unsplash

XRP, the second largest cryptocurrency by market cap, has been doing well considering the number of partnerships Ripple has been making.

The price of XRP at the time of writing was $0.3338, the market cap of XRP is at $13.70 billion. The 24-hour trading volume is at $455 million and a majority of this volume is contributed by ZB.COM via trade pair XRP/BTC.

1 Hour

Source: TradingView

The one-hour chart for XRP shows an uptrend that extends from $0.3207 to $0.3272, while the downtrend ranges from $0.3379 to $0.3860. The prices are being supported at $0.3205 while the resistance points are seen at $0.3426 and $0.3860.

The Parabolic SAR markers are formed below the price candles which indicates a bullish pressure on the price.

The MACD indicator shows a bullish crossover that is underway and there is a probability that this crossover could completely go over the zero-line.

The Awesome Oscillator shows a bullish crossover as well, as the green bars have crossed over to the top of the zero-line.

1 Day

Source: TradingView

There is a very small uptrend that extends from $0.2931 to $0.3215 while the uptrend ranges from $0.9027 to $0.3731. XRP prices got very close to the support at $0.2627, while the resistance points were at $0.5821, $0.6899, and $0.9027.

The Aroon indicator shows a strong downtrend in play as the Aroon red line has hit the 100-line. The Aroon green line that indicates uptrend has collapsed.

The Chaikin Money Flow indicates that the buyers for XRP have fled and the sellers have taken control of the market as money is flowing out of the market.

The Relative Strength Index shows a negative stance for XRP as the RSI line is just below the 50-line. The selling momentum for XRP in the longer one-day time frame is larger as compared to the buy-momentum.



Conclusion

The one-hour chart for XRP is lit green and with bullish indications as indicated by MACD, SAR and AO indicators. The one-day chart for XRP shows a rather bleak stance for XRP as the indicators Aroon, CMF and RSI show a bearish pressure and increasing sell-momentum.



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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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