XRP / USD Technical Analysis: Volatility to be strengthened, suggesting a trend reversal

In a peculiar trend of the cryptocurrency market, XRP, the leader of altcoin, is currently showing a 0% variation on CoinMarketCap. At the time of writing, the currency was trading at the price of $ 0.36, with a market capitalization of $ 14.9 billion. Here, the total volume of token trade in the last 24 hours was recorded at $ 588.2 million.

1 hour

XRPUSD 1 hour candelabras | Source: tradingview

In the scenario of an hour of XRP candlesticks, there is an acute downtrend that is suspended from $ 0.45 to $ 0.38. Here, a level of support is observed at $ 0.37 to contain prices from freefall. A clear possibility of a trend breakout is in view as price concentration has peaked.

The Parabolic SAR it is bearish on the cryptocurrency, as is evident from the position of the points above the price candles.

The Relative vigor index is in agreement with the prediction mentioned above and is on the side of the bear. The RVGI has made a downward crossover and is crashing to the bottom.

The Aroon indicator it is also suggesting a downward trend for XRP as the strength in the red trend is more powerful than the green trend as it continues to crash into the chart.

1 day

XRPUSD 1 day candlesticks | Source: tradingview

Over the longer period of time, XRP candelabra have witnessed an uptrend that extends from $ 0.27 to $ 0.29. A relatively steeper downtrend has also been identified, ranging from $ 0.51 to $ 0.41. At the moment, the resistance level is set at $ 0.58 and has not been broken.

The Bollinger bands it has gone through a restricted phase of volatility but has returned to the track to project a greater fluctuation of XRP prices. As of now, the bands are divergent from one another to expand the tunnel model.

The RSI is traveling in the buying zone to represent a higher purchasing activity in the XRP market. However, the reading line approaches down to move to the sales area.

The MACD it is extremely bullish on the cryptocurrency as it has done a positive crossover with the signal, still moving towards the side of the bull.

Conclusion

In this technical analysis, it was observed that most of the indicators are against a positive fate for XRP. Furthermore, greater volatility is expected on the market accompanied by a downward trend.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in journalism and communication at Manipal University, she believes that blockchain technology is a revolutionary tool for advancing the future. Currently it has no value in cryptocurrencies.