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Analysis

XRP/USD Technical Analysis: Grass to turn greener at the arrival of the bull?

Priyamvada Singh

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XRP/USD Technical Analysis: Grass to turn greener at the arrival of the bull?
Source: Pixabay

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.

1-hour:

XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-hour candlesticks | Source: tradingview

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.

1-day:

XRPUSD 1-day candlesticks | Source: tradingview

XRPUSD 1-day candlesticks | Source: tradingview

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.



Conclusion:

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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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Analysis

Bitcoin [BTC] vs Litecoin [LTC] Price Analysis: King coin sees bearish pressure as LTC rides the bull wave

Rishi Raj

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Bitcoin[BTC] and Litecoin[LTC] Price Analysis: BTC struggles with bear as LTC rides the bull wave
Source: Pixabay

Bitcoin was priced at $8,004.45, with a market cap of $141 billion. The 24-hour trade volume came up to be $21.4 billion, out of which Negocie Coins contributed 9.50% via the BTC/BRL pair. BTC saw a drop of 0.06% in the past 24 hours, at press time.

Litecoin was priced at $101.74, with a market cap of $6.3 billion. The 24-hour trade volume amounted to $4.26 billion, out of which Coineal contributed 11.86% via the LTC/BTC pair. LTC saw a drop of 0.47% in the past 24 hours, at press time.

1-day BTC

Source: TradingView

The one-day chart of BTC showed an uptrend from $4,733.50 to $8,203.32. The support points were at $3,157.69, which was tested in December 2018, and $4,863.86, which was tested multiple times in April 2019. The strong resistance was at $8,209.91.

Parabolic SAR indicated a bearish trend as the dotted markers were above the candles.

Awesome Oscillator showed a decrease in momentum as the red bars were projecting a bullish buying opportunity.

Klinger Oscillator displayed a bearish trend.

1-day LTC

Source: TradingView

The one-day chart of LTC showed an uptrend from $55.88 to $102.26. The support points were at $22.64, which was tested in December 2018, and $29.82, which has been tested multiple times in the past. The point of correction was at $103.48.

The MACD indicator showcased a bullish crossover as the MACD line was above the signal line.

Relative Strength Index showed an increased buying pressure as the graph was close to the overbought zone, indicating a relatively bullish phase.

Awesome Oscillator was presending a bullish buying opportunity.



Conclusion

The one-day chart of BTC showed an overall bearish trend, as indicated by the aforementioned respective indicators, while the one-day chart of LTC displayed a bullish trend by the indicators.





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