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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
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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.

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