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In the flourishing cryptocurrency market that has been blessed by the bull, big altcoins like XRP are also reaping the benefits of Bitcoin [BTC] burst.
At the time of writing, XRP was trading at an estimated price of $ 0.37, with a market capitalization of $ 15.1 billion. The total volume of trade in the last 24 hours was recorded at $ 974.5 million.
1 hour
XRPUSD 1 hour candelabras | Source: tradingview
In the 1-hour XRP candles, the upward trend extends from $ 0.29 to $ 0.38 while the resistance level is set at $ 0.39. A trend breakout may occur as the price has reached a fair level of concentration.
The Parabolic SAR is bearish on the cryptocurrency. This is clearly indicated by the position of the points above the price candles.
The Aroon indicator is in sync with the indicator above. This can be seen as the indicator is showing more strength in the downtrend than the uptrend.
The Awesome Oscillator became the third predictor of an XRP downtrend market. From now on, the bars light up red to warn investors.
1 day
XRPUSD 1 day candlesticks | Source: tradingview
Within the space of 1 day, XRP candlesticks are witnessing a downtrend ranging from $ 0.51 to $ 0.38 while the support level is set at $ 0.26.
The Bollinger bands they are currently following a broad tunnel model, leaving plenty of room for prices to fluctuate.
The RSI He traveled in the bullish area for a while. However, the indicator is now pointing to the bearish side of the chart, projecting a bearish position.
The MACD he made a bullish crossover from the signal where the reading line is still moving upward to give a positive outlook on the subject.
Conclusion:
In this technical analysis, it was observed that most indicators are speculating against a positive fate for XRP. Therefore, the bear could soon avenge its defeat and be affected by prices in red. Furthermore, a trend breakout could occur, resulting in lower prices.
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