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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.

Altcoins

Tron [TRX] surges by over 6% as token storms back into the top 10

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Tron [TRX] price surges by over 6% as token back in top 10 as bulls take control
Source: Pixabay

Tron’s [TRX] price was surging, even as the cryptocurrency market cooled down following a brief rally anchored by Bitcoin [BTC]. The collective market cap stood at $324 billion. Following the surge, the token was back among the top 10 coins of the cryptocurrency market, a month after CEO Justin Sun promised the same. His tweet had said,

“#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let’s wait and see! #BTT $BTT $TRX #TRX”

However, despite the fact that Tron’s native token was prospering, BitTorrent [BTT] was still down at the 35th position on CoinMarketCap.

Despite low trading volume lately, TRX gradually climbed to break its resistance at $0.035. The latest bullish swing was speculated to lead TRX to breach the much-awaited $0.04 resistance.

Tron’s climb up the charts and into the top 10 is a surprise for some, especially since Tron overtook Cardano. The Charles Hoskinson-led crypto is still on a high after recent updates in its ecosystem, including the Shelly testnet going live.

Tron however, has not being standing idly. Recently, CEO Justin Sun revealed that Tron’s DApp trading volumes has exceeded those of EOS and Ethereum. Further, the Tron Foundation recently released a version of the Odyssey update on its mainnet. Further, Tron’s blockchain saw the release of a USD-backed stablecoin by Carbon recently.

Tron [TRX] 1-hour chart

Source: TradingView

Tron was up by 6.40% over the past 24 hours, driving its valuation to $0.039. Additionally, the digital asset rose by 3.7% over the last hour, at press time. TRX registered a market cap of $2.58 billion and a 24-hour trading volume of $900 million. The exchange with the highest TRX trading volume was BW.com, contributing 9.52% to the volume via the TRX/USDT trading pair.





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