XRP/USD Technical Analysis: Cryptocurrency to form waves of red and green

XRP/USD Technical Analysis: Cryptocurrency to form waves of red and green

November 20, 2018

XRP continues to uphold its glory and the great crypto-torch of the biggest gainer amidst the bear market every now and then. When all the other coins have plunged by 10% or more, XRP is only seeing a drop of 6% at present.

At press time, the token was trading at $0.44 with a market cap of $18 billion. The 24-hour trading volume was recorded at $1.59 billion.

1-hour

XRPUSD 1-hour candlesticks | Source: tradingview

In this time frame of XRP candlesticks, the trendlines are not showing a steep upturn or a downturn, but gentle slopes. The downtrend is extending from $0.52 to $0.5 while the uptrend is ranging from $0.43 to $0.45. An outbreak in price is currently a far away possibility.

The Awesome Oscillator has turned its bar green to change its prediction from bearish to bullish.

The Aroon Indicator is also showing a weakened downtrend for the cryptocurrency that may prove healthy for the XRP price trend.

The Chaikin Money Flow has been traveling below the 0-line, but intends to climb the rail as its head is directed upwards.

1-day

XRPUSD 1-day candlesticks | Source: tradingview

In the longer run, the XRP candlesticks are experiencing an upward trend in the market that extends from $0.27 to $0.48. Here, the resistance level is set at $0.57, wherein the uptrend is forming an ascending triangle with the given level.

The Bollinger Bands have widened for the moment, but do not show any signs of expanding or closing further. Therefore, the existing volatility in the market is predicted to remain as it is.

The Parabolic SAR has been switching sides, confused if to side with the bull or the bear. The dots have been moving up and down to deny a confirmed stance on the matter.

The RSI is extremely bearish on XRP as the reading line can be observed to move downwards.

Conclusion

In the technical analysis, it is clear that the XRP market is facing much volatility amidst the crypto-winter. However, a short-term analysis is bullish on the subject while a long-term study has stolen away the hope for the grass to turn greener.


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