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XRP/USD Technical Analysis: Sideways movement bores investors as bulls and bears refuse to take action

Anirudh VK

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XRP/USD Technical Analysis: Sideways movement bores investors as bulls and bears refuse to take action
Source: Unsplash

XRP has begun to see the same kind of sideways movement that the market has experienced since the past week. It is also trading in a very tight range, a movement usually indicative of a breakout to be seen in the near future.

1 hour:

An uptrend from $0399 – $0.45 forms the base for an ascending triangle. The ceiling for this pattern is at the $0.47 resistance.

The price is trading in a very close range since a week in between the $0.47 resistance and $0.440 support.

The Klinger Volume Oscillator seems to be heading for a bearish crossover, as evidenced by the line moving downwards

The MACD is also headed for a cross in the bearish zone, as seen by the price slowly moving downwards and the histogram tending towards zero.

1 day:

A downtrend is prevalent after the drop from May. This is described by the price movement from $0.894 – $0.579 – $0.456. However, there is also a sharp support uptrend from the $0.27 – $0.376 level, continued in price movement from $0.393 – $0.45.

The Relative Vigor Index is moving upwards after a bullish crossover earlier in the week.

The Stochastic RSI indicator is in the bearish zone as it is indicative of an overbought position

The Parabolic SAR is demonstrating a bullish signal, as seen by the presence of the dots below the candlesticks.

Conclusion:

The price of XRP seems to be headed for an uncertain conclusion. However, the presence of the trend patterns and the tightened trading of the coin might imply that there is a breakout soon in long-term. The consensus for the rest of the week seems to be the sideways movement observed until now.



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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

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