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.
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.
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.
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.
Subscribe to AMBCrypto’s Newsletter
XRP interest on the rise as analysis shows formation of a ‘quadruple bottom’
The cryptocurrency market has been subject to a significant bull run that has not only catapulted the prices of digital assets, but also their corresponding market caps. XRP, the third largest cryptocurrency, had more of a rollercoaster ride rather than the sudden surge enjoyed by Bitcoin, with the coin trading at a 6-month high, at press time.
A recent analysis conducted by DonAlt, the popular cryptocurrency enthusiast, pointed out the dips in the one-day chart of XRP. His tweet read,
A lot of interest in XRP. Kind of looks like a quadruple bottom / head and shoulders.
Not the biggest fan of longing those. If there is one lesson 2018 taught everyone is support is only support for so long.
I’ll be watching this one from the sidelines.”
There was also speculation that it was a good time to buy into XRP when there is a violent reaction at the lows, while going long previously was a risky decision. Previous readings of the XRP graph have shown that any squeeze in the XRP graph will result in a full retracement. Since May 2019, the cryptocurrency grew from $0.28 to the current trading price, which was more than a 100 percent increase.
At the time of writing, XRP was trading at $0.467, with a total market cap of $19.89 billion. The cryptocurrency was growing at a rate of 1.13 percent, with a 24-hour market volume of $42.57 billion.
XRP was in the news recently after its related application, XRP TipBot, came back online after a small downtime. Wietse Wind, creator of XRP TipBot, had tweeted,
“Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry!”
Subscribe to AMBCrypto’s Newsletter