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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
Source: Unsplash

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.

Analysis

76205|XRP/USD Price Analysis: Coin stagnates even after massive adoption news

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Source: Pixabay

The third largest cryptocurrency, XRP, was moving sideways for almost two months, without any price surge or drop. The price was stuck between a support and a resistance, and it didn’t look like it will break out any time soon.

The price of XRP at press time was $0.3217, while the market cap was at $13 billion. The 24-hour trading volume was $801 million. A huge chunk of the trading volume for XRP was coming from ZBG exchange. It contributed a total of $92 million in trading volume, via the XRP/USDT trade pair.

1-hour

Source: TradingView

The hourly chart for XRP showed an uptrend that extended from $0.3072 to $0.3187, while the downtrend extended from $0.3445 to $0.3257. The immediate support was at $0.31608, while the subsequent supports were at $0.3038 and $0.2928. The immediate resistance was at $0.3260.

The Bollinger Bands were undergoing a squeeze and indicated a reduction in the volatility of XRP. The price was dipping into the simple moving average, and indicated that the market was bearish.

The Stochastic RSI indicator showed a bearish scenario as well, but a stronger one when compared to the Bollinger Bands.

1-day

Source: TradingView

The one-day chart of XRP showed a downtrend that extended from $0.9027 to $0.3220. The price of XRP in the longer time frame showed the support at $0.2587. The resistance points for XRP were at $0.5836, $0.6880, and $0.9027.

The MACD indicator showed a declining uptrend i..e, the green Aroon line. The Aroon downtrend line was also reducing.

The Chaikin Money Flow indicator showed a subzero CMF line, which signified that money was flowing out of the XRP market.

The Relative Strength Index showed a stagnant RSI line at the 50-line, where the momentum of sellers and buyers were equal.



Conclusion

The one-hour chart showed bearish pressure for XRP incoming, as indicated by the Bollinger Bands and Stochastic RSI indicators. The CMF, Aroon and the Relative Strength indicator showed a bearish trend for XRP as well.

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XRP

76171|xRapid will not ‘flip the switch’ on XRP price, say prominent XRP community enthusiasts

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xRapid will not 'flip the switch' on the price of XRP say prominent XRP community enthusiasts
Source: Pixabay

XRP, the cryptocurrency closely related with the company Ripple, has been at the center of speculation and arguments, with respect to xRapid and XRP’s price.

There have been a lot of accounts on Twitter promoting the fact that the price of XRP will rise and shoot to the moon, after banks and financial institutions start using xRapid for cross-border payments.

The most famous theory put out by people was the price of XRP hitting $589 by the end of 2018, which didn’t happen.

However, a recent conversation started by prominent XRP enthusiasts, has suggested that xRapid would not massively affect the price of XRP.

Nayer Malik [@sinjunsmyth], a Twitter user, stated,

“@galgitron @Hodor @jungleincxrp @C3_Nik …Guys what r ur thoughts on Bob Way’s view regarding X-Rapid usage not increasing the price in and of itself?”

In response, Galgitron [@galgitron], a prominent XRP enthusiast and a contributor to the XRP community, added that he had “been saying that all along.” In one of his blogs Galgitron stated,

“Sure, there may be some massive FOMO buy-in once banks announce they are starting to use xRapid, and that will send the monkey [price action] hundreds of feet into the air, but, only speculation creates parabolics..”

C3|Nik [@C3_Nik] acknowledged the above and replied,



“It was seen like blasphemy to say that xRapid would not move prices that much by itself (e.g. “not the flip-the-switch kind of event”). It is interesting that the people who spread that narrative and misled others still have so many followers. Selling dreams.”

A Twitter user, @Crypt_Megalodon, voiced his opinion, which was different from the others. He tweeted,

“Well when you consider the US money supply being 15 trillion alone, the XRP cap doesn’t worry me. If/when XRP becomes the standard world wide, inflation will be rapid with mass adoption. I agree, with years, but, the value can be prodigious! The cryptoloution has already started.”

Considering the price of XRP at press time was only $0.31, and that there were more than a couple of Ripple customers that had already started using xRapid for cross-border transactions, the increase in the price of XRP due to xRapid seemed highly unlikely.

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