As the cryptocurrency market makes a journey of regaining its lost volatility, XRP rallied over $0.55 today wherein the coin took a flight of over 21%.
At press time, XRP was trading at $0.52 with a market cap of $21.3 billion and had surged by 14% with a total 24-hour trading volume of $1.4 billion. Due to the rally, XRP also surpassed Ethereum [ETH]’s market cap to claim the second spot on the cryptocurrency index, for a short while.
In the 1-hour XRP candlesticks, the support is extending from $0.5 to $0.52 whereas the resistance is set at $0.55. The price trend is not evidencing a price breakout as of now.
At present, the Parabolic SAR is bearish as the dots are aligned directly above the candlesticks. The indicator is suggestive of a bearish run in the short-term.
The Awesome Oscillator, in sync with the above, is flashing red. Therefore, both the indicators used here are advocating for a negative price prediction for the cryptocurrency.
In the longer-term, the XRP candlesticks have broken the resistance set in July at $0.5, fixing a new resistance level at $0.58. The support line is ranging from $0.27 to $0.45, forming an ascending triangle in the market.
The Bollinger Bands went through a narrow path of volatility but are widening their bottle-neck again to give way to price fluctuation. This is indicative of a volatile market for the coin.
The Klinger Oscillator made a new crossover by the signal line to side with the bull. The reading line is taking a flight to establish a stronger positive prediction.
The Chaikin Money Flow has also soared above the 0-mark and is siding with the above indicator on the price trend.
In this technical analysis, it has been found that the indicators used in the 1-day chart are positive on the XRP market. However, the former indicators have negated the price trend.
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