The cryptocurrency market has started its struggle in letting go of the sideways movement by showing volatility in the past week. Here, XRP, the 3rd largest cryptocurrency on the index has also displayed much struggle by following fluctuations on the bullish-bearish scale.


At the time of writing, the coin had popped by 2.15% and was trading at $0.45 with a market cap of $18.1 billion. The 24-hour trading volume was recorded at $430.5 million.


1-hour:


XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-hour candlesticks | Source: tradingview


In this timeframe, the XRP candlesticks broke the resistance set at $0.453 to achieve a higher resistance level at $0.456. The support currently stands from $0.438 to $0.452, showing a steep uptrend in the XRP market by forming an ascending triangle with the resistance.


The Parabolic SAR is bullish on the market as of now. The dots are aligned below the candles but are not following a steep uptrend.


The Chaikin Money Flow is also set out to take a bullish approach on the cryptocurrency. It is currently below the 0-mark but is traveling up to side with the positive prediction.


The Awesome Oscillator is also flashing green to agree with the above indicators. Hence, all the indicators in the 1-hour chart are predictive of a healthy market for XRP.


1-day:


XRPUSD 1-day candlesticks | Source: tradingview

XRPUSD 1-day candlesticks | Source: tradingview


In this scenario, the resistance level is set at $0.583 whereas the support or uptrend is ranging from $0.268 to $0.448, forming an ascending triangle with the former. This depicts a clear positive price trend in the XRP market.


The Bollinger Bands are closing after following a widened pattern to give space for the price to fluctuate. Currently, the market is predicted to be showing less volatility.


Klinger Oscillator has made a bearish crossover by the signal line. Therefore, the indicator is suggestive of a bearish run for the XRP market.  


The RSI looks neutral on the prediction since it has taken a horizontal path. However, it is currently in a slightly bearish zone and is therefore indicative of a bearish price trend.


Conclusion:


This technical analysis shows that the indicators in the short-run are bullish on the XRP price trend. In a longer timeframe, it has been predicted that the market will face a bearish run and the price trend might depreciate from thereon.


The post XRP/USD Technical Analysis: Bullish trend with a bearish backdrop appeared first on AMBCrypto.




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