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XRP/USD Technical Analysis: Cryptocurrency sees stagnated price price movement as bull and bear tussle

Akash Anand

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XRP/USD Technical Analysis: Cryptocurrency sees stagnated price price movement as bull and bear tussle
Source: Unsplash

The rollercoaster cryptocurrency market has displayed multiple ups and downs with many popular coins showing very similar trends on the charts. Bitcoin [BTC], Ethereum [ETH] and XRP all show a gradual stagnation in prices with an apparent lack of bearish or bullish breakouts.

1 hour:

The one-hour graph for XRP shows the prices varying ever so slightly with the recent downtrend gaining predominance. The downtrend brought the prices down from $0.39 to $0.36. The support has been holding at $0.358 while the immediate resistance is at $0.396.

The Relative Strength Index shows the cryptocurrency holding between the oversold zone and the overbought zone, a sign of the buying pressure-selling pressure equilibrium.

The Chaikin Money Flow indicator is holding below the zero line. This is indicative of the money flowing out of the market being much higher than the money coming into the market.

1 day:

XRP’s one-day graph displays the sideways movement of prices which is reflective of the tussle between the bull and the bear. The long-term support is at $0.261 while the recent downtrend lowered the prices to $0.294 from $0.515.

The Awesome Oscillator after a month of high momentum shows a gradual lull. The lack of momentum goes hand in hand with the lack of price outbreaks.

The MACD indicator shows the signal line and the MACD line moving in a conjoined manner after a bullish crossover. The MACD histogram currently shows green after an extended bear hold.



Conclusion:

The above-mentioned indicators all point to a general dearth of significant bearish falls or bullish hikes. After a month of rapid changes in prices, January seems to be looking at XRP treading the line between the bull and the bear.

News

76305|IOTA [MIOTA] surges by 7% as retail expansion prospects brighten following Zeux App integration

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IOTA [MIOTA] surges by 7% as retail expansion prospects brighten following Zeux App integration
Source: Pixabay

IOTA [MIOTA], the 14th largest coin in the market was buoyed by its recent integration with the Zeux platform, resulting in the coin surging by 7% against the US Dollar. The coin closed the gap with the privacy-centric Monero [XMR], and trailed the latter by $15 million, at press time.

Zeux announced the MIOTA addition on 21 March via a Medium blog post, and added that this integration will boost the coin’s retail use. Merchants that cater to Apple Pay and Samsung Pay users will now accept MIOTA as well.

The Zeux platform will roll out in Europe by April, and will enter the US in 2020. The application claims to be a “digital banking solution for both fiat and cryptocurrencies,” and plans on tying up with several merchants at the retail level. Zeux already received its license from the UK’s top regulatory body, the Financial Conduct Authority.

Their tweet announcing the integration stated,

Source: Twitter

Frank Zhou, Founder and CEO of Zeux, believes that the partnership will help propel cryptocurrencies into mainstream retail use. Zhou is looking forward to working with IOTA’s Tangle technology, a Distributed Ledger Technology [DLT] facilitating machine-to-machine interactions, seamless micropayments, and data transfers. Referencing Tangle, he said,

“As a distributed ledger with zero transaction fees, The Tangle is a very promising chain for us to build our customer data Dapp.”

Source: Trading View

IOTA was trading at a stagnant price level of $0.291, with a brief surge to $0.302 on 16 March. After dropping to $0.285, the coin later saw a massive increase of 7.97 percent and pushed the price to $0.308.

The rise continued with the coin reaching $0.315 in the next six hours, peaking at $0.323 on 22 March. At press time, the coin was trading at $0.319. This was the coin’s highest price since 24 February.

In terms of market capitalization, the coin was hovering around the $830 million mark, prior to a drop to $806 million. Following this, the coin’s valuation shot up to $876 million, peaking at $899 million. At press time, the market cap had dropped by over $10 million, and was valued at $887 million.



The South Korean exchange, UPbit, took the top spot in terms of IOTA trade volume, accounting for over 27.6 percent of the total volume in the trading pair IOTA/KRW. Other prominent exchanges in the MIOTA market were Binance, Bitfinex, and Huobi Global.

Zeux had previously integrated Qtum [QTUM] on its application, resulting in a whopping 36 percent price hike for the coin.

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Analysis

76284|Ethereum [ETH/USD] Price Analysis: Coin bids adieu to bull market as bears take over

Priya

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Ethereum [ETH/USD] Price Analysis: Coin bids adieu to the bull market as bears take over
Source: Unsplash

Ethereum [ETH], the second largest cryptocurrency by market cap, indicated the presence of both the bull and the bear. According to CoinMarketCap, the cryptocurrency was trading at $136.39 with a market cap of $14.36 billion, at press time. The coin displayed a trading volume of $5.06 billion, and a rise of 1.47 percentage in the past seven days. The coin also dropped by 2.79 percentage in the last 24 hours.

1-hour

Ethereum [ETH] one-hour price chart | Source: Trading View

Ethereum [ETH] one-hour price chart | Source: TradingView

In the one-hour chart, the cryptocurrency demonstrated downtrends from $142.52 to $138.83, and from $138.43 to $134.85. The uptrend for the coin was outlined from $132.91 to $134.49.

The coin’s immediate resistance was pictured at $138.94, and strong resistance was laid at $140.21. The immediate support for the cryptocurrency was found at $132.75, and there was strong support at $130.69.

Parabolic SAR indicated a bullish market for the coin as the dotted lines were below the candlesticks.

Chaikin Money Flow forecast the opposite, as the money flow took the exit route.

Bollinger Bands diverged, suggesting some volatility and price movement for the coin.

1-day

Ethereum [ETH] one-day price chart | Source: Trading View

Ethereum [ETH] one-day price chart | Source: TradingView

In the one-day chart, the downtrends were displayed from $218.66 to $157.56, and further from $157.55 to $138.72. The first uptrend for the currency was drawn from $82.92 to $103.22, while the second extended from $103.22 to $134.41.

The immediate resistance for the cryptocurrency was at $140.53, and strong resistance was at $157.60. The coin’s immediate support was at $125.09, and strong support was seen at $103.13 and $82.79.

Klinger Oscillator showed that the bull was losing out as the reading line was pictured below the signal line after a crossover.

RSI indicated that the buying pressure and selling pressure for the cryptocurrency evened each other out.

MACD forecast the bear’s position to be well ahead of the bull, as the moving average line dipped below the signal line right after a crossover.



Conclusion

The market suggested a strong bearish presence for the cryptocurrency, and a fading bullish presence. This was attributed to the MACD and Klinger Oscillator from the one-day chart, and CMF from one-day chart siding with the bear.

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