XRP's price might recover from losses as bulls start to appear on the horizon - AMBCrypto
Connect with us

XRP

XRP’s price might recover from losses as bulls start to appear on the horizon

Biraajmaan Tamuly

Published

on

Does Bitcoin has five different stages of acceptance and how is Grayscale CEO Barry Silbert trying to prove it?
Source: Pixabay

XRP’s price continued to side with the bears in the market as the token failed to recover from its monthly losses. The token was priced at $0.272 with a registered trade volume of over $1.13 billion. The 24-hour growth was positive with a hike of 1.07 percent at press time but the token had slumped by 4.53 percent in the last seven days.

The market capitalization remained at $11.68 billion and the token traded the most on the RightBTC exchange.

1-hour chart

Source: Trading View

Resistance 1: $0.290

Resistance 2: $0.278

Support 1: $0.266

Support 2: $0.259

XRP’s price recently plummeted to it’s yearly low and it was currently consolidating under $0.278. A minor downtrend stretched the valuation of $0.286 to $0.278 followed up a small uptrend of $0.272 to $0.276.

The Bollinger Bands appeared to converge on the charts which indicated reduced volatility.

The Chaikin Money Flow or CMF line indicated deficiency for capital flowing in the market.

The MACD line was above the signal line suggesting a bullish trend.

Source: Trading View

Resistance 1: $0.475

Resistance 2: $0.405

Resistance 3: $0.336

Support 1: $0.295

Support 2: $0.259

The long-term chart of XRP had turned bearish after the token breached its long term support of $0.295. There was major uptrend experienced which hiked the price from $0.318 to $0.453 but a downtrend depleted the valuation from $0.459 to $0.276.

The Parabolic SAR suggested a bullish trend as the dotted markers appeared below the candles.

The Awesome Oscillator or AO indicated a weak bullish momentum but green bars were evident in the chart.

The Relative Strength Index or RSI was neutral but remained close to the over-sold section.

Conclusion

After the long bearish pull, the recovery of price was yet to surface in the XRP charts but emerging bullish trends indicated that valuation might hike in the near future.

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.