Cryptocurrency

XRP/USD Price Analysis: Coin could soon go for a bullish ride


The cryptocurrency market has been seeing a new high for the past few days. This new green market has lifted Ethereum [ETH] and put it in the second position, replacing XRP. XRP also underwent a hike but that did not help it from slipping from the second position.

At press time, the coin was valued at $0.302, with a market cap of $12.4 billion. The coin registered a 24-hour trade volume of $469 million with a fall of 0.72% over the past day. The coin has recorded a rise of 1.09% over the past week, however, is noted to fall by 0.06% over the past hour.

1-hour:

Source: Trading view

Source: Trading view

The coin’s one-hour chart marks an uptrend from $0.3217 to $0.3046 and is followed by a downtrend from $0.3215 to $0.3059. The coin traced immediate resistance at $0.3088 while another strong resistance was noted at $0.3154. The coin also marked support at $0.3041.

Bollinger Bands appear to be diverging, increasing the volatility in the market. The moving average line was under the candlesticks, indicating a bullish trend.

Awesome Oscillator also marks a weakened bullish trend.

Chaikin Money Flow also indicates a bullish reign as the marker has just crossed the zero-mark.

1-day:

Source: Trading view

Source: Trading view

The one-day chart of the coin noted an uptrend from $0.2707 to $0.4785 and was followed by a downtrend from $0.5551 to 0.3177. The coin marked resistances at two points, at $0.3177 and $0.3276. Support was noted at $0.2933.

Parabolic SAR points towards a bearish market, as the markers have aligned above the candles.

MACD line is over the signal line, marking a bullish market.

Relative Strength Index indicates that the buying pressures and selling pressures have evened each other out.

Conclusion

As per the majority of the indicators like MACD, Awesome Oscillator, Bollinger Bands, and Chaikin Money Flow, a bullish ride is scheduled for the token, however, the lingering presence of the bear cannot be ignored.



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