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XRP/USD Technical Analysis: Walking a tightrope at $0.47 as bears wait for prey

Anirudh VK

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on

XRP/USD Technical Analysis: Walking a tightrope at $0.47 as bears wait for prey
Source: Unsplash

The price of XRP saw a meteoric rise last month, closing September at an 80% gain. However, it has begun to see a steady decline in the time since and is now resting on one of its crucial support lines.

1 hour:
The downtrend from $0.587 – $0.482 is still in power, forming a descending triangle with the support level at $0.470. This indicates that a breakout can be seen soon.

The MACD is bearish and is moving below the signal after the crossover.

The Awesome Oscillator is flashing a bearish as well, with continued downward movement.

4 hour:
The uptrend from $0.345 – $0.598 – $0.611 carried the momentum for the upwards run, and quickly converted into the $0.611 – $0.481 downtrend.

There is a crucial resistance level presenting itself at the $0.470 mark. If this is broken, XRP might see a bearish slide to the $0.442 mark, which is the next resistance level.

The final resistance for the price of XRP to further move downwards is at $0.25, representing its low this year.

The RSI is plunging towards the oversold territory, which generally represents a bullish run. However, it might also mean that buying pressure has subsided on the coin due to waning volumes.

The Klinger Volume Oscillator is forming a bearish cross, with the signal line crossing above the oscillator.

1 day:
The slight downtrend from $0.656 – $0.574 is acting as a resistance level since June. This is also complemented by the long-term resistance level presenting itself at $0.688.

The uptrend from $0.268 – $0.465 provided the momentum for the price increase seen last month. This marks the $0.26 level as the floor for this run.

The 20-period DEMA is providing a strong resistance at $0.526.

The Stochastic Momentum indicator also presented a signal that implied that the coin might be oversold. However, a comparison with the Chaikin Money Flow indicator shows that money flow is actually in the negative, presenting a combination of bearish signals.

The Parabolic SAR indicator is also flashing a bearish signal.

Conclusion:



XRP seems to be headed for a tumble again, considering that the entire market is exhibiting sideways movement. While investor sentiment might be low for the cryptocurrency market at the moment, the indicators show that XRP has a worse lot than the others.

A break in the $0.470 resistance might see the price test levels of $0.44 and, much later, $0.25.





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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.

Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bears stall coins’ bullish momentum

Yash Rajan

Published

on

XRP vs Stellar Lumen [XLM] Price Analysis: XRP and XLM bulls stalwart bears
Source: Pixabay

Ripple’s XRP saw a huge amount of capital being transferred yesterday and was ranked third on CoinMarketCap, with a market cap of $16.258 billion, at press time. According to CoinMarketCap, XRP was priced at $0.386 and had a 24 hour trading volume of $1.664 billion. It surged by 4.07% over 24 hours.

Stellar Lumens [XLM] stood ninth on the top-10 cryptocurrencies with a market cap of $2.438 billion. XLM was priced at $0.126 with a 24 hour trading volume of $474.116 million. XLM rose by 3.96% over the past 24 hours.

1-Day XRP

Resistance lines stood at $0.458 and $0.402 and supports were at $0.311 and $0.285. XRP saw an uptrend over the course of six months from $0.364 to $0.459. XRP also drew a downtrend over the past two weeks from $0.457 to $0.391.

Source: TradingView

Source: TradingView

Parabolic SAR markers were above the candles and indicated a bearish environment for the coin.

Moving Average Convergence/Divergence [MACD] indicator suggested an imminent bearish crossover

Relative Strength Index indicator showed that the buying and selling pressures had evened each other out

1-Day XLM

Stellar Lumens [XLM] saw an uptrend from $0.126 to $0.142. Resistance lines stood at $0.143 and $0.127 and support lines stood at $0.741 and $0.115.

Source: TradingView

Source: TradingView

Bollinger Bands pointed towards increment in volatility.

Awesome Oscillator indicator presented a bullish buying opportunity. However, bearish pressure was seen over the last few histogram bars.

Chaikin Money Flow indicator showed that the money flowing into the market was greater than the money flowing out of the market.



Conclusion

Both XRP and XLM seemed to have stalled in the face of bearish pressure, after posting some bullish gains.





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