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XRP/USD Technical Analysis: Cryptocurrency content with sideways movement as market remains undecided

Akash Anand

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XRP [XRP/USD] Technical Analysis: Cryptocurrency content with sideways movement as market remains undecided
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The roller-coaster cryptocurrency market does not look to be stopping anytime soon, with some coins seeing rises while others are still in the bear’s grasp. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP have all been displaying alternative bullish and bearish signals, with many users waiting with bated breath for price surges.

1-hour

The one-hour chart for XRP paints the picture of a cryptocurrency trying to break out of its sideways price movement pattern with the recent bullish spike providing some reprieve. The visible downtrend brought the prices down from $0.391 to $0.365 while the uptrend saw the value being lifted to $0.381. The immediate support is at $0.358 while the immediate resistance is holding at $0.391.

The Relative Strength Index shows the cryptocurrency spiraling to the oversold zone after staying at the overbought threshold for some time. This is an indication of the selling pressure being more than the buying pressure.

The Chaikin Money Flow indicator points to sporadic movement by XRP, dropping from the top of the chart to its current place below the zero line. The hold below the zero line signifies the reduced money flowing into the market.

1-day

XRP’s one-day graph does not show any recent uptrend with only the downtrend taking precedence. The crash brought the price down from $0.515 to $0.296 while the support is at $0.269.

The MACD indicator shows the signal line and the MACD line moving as a conjoined pair right at the axis. This is a result of the cryptocurrency having a lack of any major price outbreak. The MACD histogram is a mix of both bearish and bullish signals.

The Awesome Oscillator displays a similar result as that of the MACD indicator, showing reduced market momentum because of a change in investor sentiment.

Conclusion

The beginning of the second week of twenty nineteen points to XRP still staying between the realms of the bear and the bull. The above-mentioned indicators majorly tell the tale of a cryptocurrency settling into a gradual sideways movement.

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