The bull seems to have arrived in the cryptocurrency market, with several coins seeing unprecedented surges on Monday, November 26. Bitcoin [BTC], XRP and Ethereum [ETH] are all riding the bullish wave, with the bear playing catchup.
The one-hour XRP chart shows a mix of trends with the cryptocurrency rising and falling on the charts. The cryptocurrency’s downtrend saw the price fall from $0.497 to $0.397, while the slight uptrend lifted XRP’s value from $0.348 to $0.375. The cryptocurrency’s support has been holding at $0.377, while the immediate resistance is at $0.524.
The Parabolic SAR is currently showing a bearish trend after a relatively prolonged bullish spike. The bullish trend saw the markers staying below the price candles.
The Chaikin Money Flow [CMF] indicator has fallen below the zero line, which is indicative of a bearish trend. This means that the money flowing out of the market is more than the inflow.
The MACD indicator points to an impending bearish crossover, with both the signal line and the MACD line heading towards each other. The MACD histogram, which has maintained a bullish high has also reduced in size.
The one-day graph for XRP shows a similar picture to that of the one-hour graph, where the cryptocurrency has undergone an uptrend as a downtrend. The uptrend saw the cryptocurrency rise to $0.575, while the downtrend pulled the cryptocurrency to $0.386. The long-term support for XRP is at $0.262.
The Bollinger bands show a massive divergence, with both the upper Bollinger band and the lower Bollinger band moving away from each other. The size of the Bollinger cloud is also indicative of a substantial bearish drop.
On the Relative Strength Index chart, XRP has been treading close to the oversold zone. This shows that the selling pressure is more than the buying pressure.
Although XRP has enjoyed an increase after several days of the bear’s wraith, it looks likely that the cryptocurrency will continue to maintain its lows. The above-mentioned indicators all point to the bear slowly regaining control in a time nicknamed ‘crypto winter’.
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