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XRP / USD technical analysis: is the market entering a coma again?

The cryptocurrency market collapsed on October 29, 2018, which sent all the big coins to a bloody area within an hour. It was also noted that the XRP saw a collapse of over 4%.

At the time of writing this article, the XRP price was up 0.35%, trading at $ 0.443 with a market capitalization of $ 17.8 billion. The 24-hour trading volume was registered at $ 252.1 million.

1 hour:

XRPUSD 1 hour candelabras | Source: tradingview

XRPUSD 1 hour candelabras | Source: tradingview

In the scenario of an hour, the downward trend goes from $ 0.462 to $ 0.453, while the upward trend is observed from $ 0.44 to $ 0.447. The convergence point is quite distant, predicting a trend breakout in the foreseeable future. Prices still have plenty of room to move vertically.

The Parabolic SAR is currently bullish on the XRP market. The points are flashing under the candlesticks, providing the necessary support to the price trend.

The Chaikin cash flow it went extremely bullish on the cryptocurrency, but is now descending into the bearish zone. A subtle warning is flashing to predict a negative trend.

The Klinger Oscillator he also made a bullish crossover on the signal line, but he took a downward approach to predict the presence of the bear.

1 day:

XRPUSD 1 day candlesticks | Source: tradingview

XRPUSD 1 day candlesticks | Source: tradingview

In this scenario, the previous resistance set in July at $ 0.5 was discontinued where a new resistance level was confirmed at $ 0.58. The support line from $ 0.27 to $ 0.44 is forming an ascending triangle with the resistance point, which is a positive model in the XRP market.

The Bollinger bands they have returned from a volatile market to a narrow tunnel model that is less likely to leave a gap because the price of XRP moves vertically.

The MACD the indicator shows a typically lateral movement after making a bearish crossover on the signal line. It is indicative of a neutral position on the XRP prediction.

The RSI is currently acting in sync with the indicator above. It moves straight in the neutral direction, avoiding taking the side of the bull or bear.

Conclusion:

In the short-term chart, the indicators suggest a bullish market that is about to fall. However, long-term candlesticks are experiencing a clearly clearer and bearish forecast of indicators.


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