XRP/USD Technical Analysis: Is the market entering the coma all over again?October 31, 2018
The cryptocurrency market experienced a crash on October 29, 2018, that sent all the big coins into a bloody zone within an hour. XRP was also observed to have seen a slump of more than 4%.
At the time of writing, the XRP price was up by 0.35%, trading at $0.443 with a market cap of $17.8 billion. The 24-hour trading volume is recorded at $252.1 million.
XRPUSD 1-hour candlesticks | Source: tradingview
In the one-hour scenario, the downtrend is ranging from $0.462 – $0.453 whereas the uptrend is observed from $0.44 – $0.447. The point of convergence is fairly at a distance, predictive of a trend breakout sometime in the foreseeable future. The prices still have much space to move vertically.
The Parabolic SAR is currently bullish on the XRP market. The dots are flashing below the candlesticks, providing due support to the price trend.
The Chaikin Money Flow went extremely bullish on the cryptocurrency but is now coming down to the bearish zone. It is flashing a subtle warning to predict a negative trend.
The Klinger Oscillator also made a bullish crossover by the signal line but has taken a downward approach to predict the bear’s presence.
XRPUSD 1-day candlesticks | Source: tradingview
In this scenario, the previous resistance set in July at $0.5 was broken wherein a new resistance level was confirmed at $0.58. The support line stretching from $0.27 to $0.44 is forming an ascending triangle with the resistance point, depicting a positive pattern in the XRP market.
The Bollinger Bands have returned from the journey of a volatile market to a narrow tunnel pattern that is less likely to leave a gap for the XRP price to move vertically.
The MACD indicator is showing a typically sideways movement after making a bearish crossover by the signal line. It is suggestive of a neutral stance on the XRP prediction.
The RSI is currently acting in tune with the above indicator. It is moving straight ahead in a neutral direction, avoiding taking side with the bull or the bear.
In the short-term chart, the indicators are suggestive of a bullish market that is about to take a downturn. However, the long-term candlesticks are experiencing a clearer, outright bearish prediction by the indicators.
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