XRP witnesses major price swing as bulls establishes presence - AMBCrypto
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XRP

XRP witnesses major price swing as bulls establishes presence

Manu Naik

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Source: Pixabay

XRP has been on a steady path to recovering from last month’s sudden drop in price. However, its recent drop of 8% in 5 hours on the 23rd has pushed its recovery plans back slightly. But all is not lost. With its market cap is currently over $13 billion and the trading volume over the last 24 hours at nearly $3.42 billion, its 7.02% rise in the last day (according to CoinMarketCap) could be a signal that XRP is fighting back.

XRP was traded the most on the BW.com exchange which was responsible for 4.77% of the overall trade.

Source: CoinStats

1-hour chart

Source: TradingView

Resistance 1: $0.32923

Resistance 2: $0.30843

Support 1: $0.26600

After Resistance 1 on the 23rd, XRP seems  be rising, with a valuation of $0.277 at the time of writing.

The converging of the Bollinger Bands show that price volatility is lower than before.

Chaikin Money Flow has been moving near the centre line, indicating more or less equal distribution and accumulation.

Awesome Oscillator exhibited the appearance of red with weak bearish momentum as the bars looked to be getting progressively smaller.

1-day chart

Source: TradingView

Resistance 1: $0.37015

Resistance 2: $0.32606

Support 1: $0.28353

Support 2: $0.24183

The 1-day chart indicated that the price of XRP was testing Support 1, showing a likelihood of breaching it.

Relative Strength Index was moving just below the 60 mark, leaning towards being oversold.

Parabolic SAR suggests the XRP is in a slight bearish market, as the dots appear over the price candles.

MACD indicated bullish momentum, with the signal line having just touched the MACD line, about to make a crossover.

Conclusion

XRP should be relatively stable in the short term, with low price volatility, while the long term chart indicates a slight bearish movement. 

Manu is a full-time cryptocurrency journalist at AMBCrypto covering primarily the US market. A graduate in chemical engineering, his writing is centered around regulation and institutional investment within the cryptocurrency space.