XRP/USD Technical Analysis: Bulls to forge a green fate for the coin
The current status of the cryptocurrency market is such that all the big coins across the board have taken to a sideways stance once again. XRP, the third-largest cryptocurrency in the world, has also shown no different movement.
At the time of writing, the coin had dropped by 0.19%, trading at $0.51, with a market cap of $20.53 billion. The total 24-hour trading volume was recorded to be $606.1 million.
XRPUSD 1-hour candlesticks | Source: tradingview
In the one-hour scenario of the XRP candlesticks, the uptrend extends from $0.46 to $0.49 whereas the downtrend ranges from $0.54 to $$0.51. Price-concentration is apparent at this stage, indicating towards a trend breakout soon.
The Parabolic SAR is bullish on the XRP price trend at the moment. The dots are aligned below the candles to uplift the price prediction for the coin.
The Awesome Oscillator is projecting a positive outlook on the prediction as well. The bars are flashing green to give way to a bullish prediction.
The Chaikin Money Flow is also bullish on the matter as the reading line is above the 0-mark. However, the stance of the indicator cannot be confirmed as it has taken a downward approach in the latest scenario.
XRPUSD 1-day candlesticks | Source: tradingview
In the longer run, the downtrend is recorded to stretch from $0.57 to $0.55 whereas the uptrend has been observed from $0.27 to $0.45. There is still a considerable amount of time before a trend breakout could occur in the XRP market.
The Bollinger Bands have formed a bottle-neck on the XRP price chart. The bands are showing an increase in volatility for the market from before, but are still indicative of low volatility.
The RSI returned after touching the overbought zone is currently swimming in the bullish region. Furthermore, the indicator is approaching upwards again to side with the bull.
The Klinger Oscillator is also bullish on the XRP price trend as the reading line has made a bullish crossover by the signal and is moving upward to support a positive prediction.
In this technical analysis, the majority of the indicators have clarified that they are siding with the bull and ditching a negative prediction. However, the upcoming volatility in the XRP market is not predicted to take a wild turn.
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