The cryptocurrency market’s continued sideways run has been a cause for concern for a lot of investors and users. The price crunch affected not just the lower coins, but also popular ones like Bitcoin [BTC], Ethereum [ETH] and XRP. XRP, in particular, enjoyed a short bullish climb that excited users and stirred the market.
XRP’s one-hour graph showed a significant uptrend that caused the price to climb up the chart. The spike lifted XRP’s price from $0.307 to $0.316. The support for the cryptocurrency was at $0.307, while the resistance was at $0.3302.
The Parabolic SAR was below the price candles and indicated a bullish trend for the coin.
The amplitude of the Awesome Oscillator was low and indicated that the market momentum was low.
The Chaikin Money Flow indicator had spike above the zero-line, which meant that the capital coming into the market was much higher than the capital leaving the market.
XRP’s one-hour chart was opposite to that of the one-day chart as it showed an acute downtrend which caused the price to fall from $0.557 to $0.329. The long term support was at $0.259.
The Bollinger Bands constricted into a pipe-like formation due to the continued sideways price movement in the long term.
The Relative Strength Index was in the middle of the graph after it hovered closer to the overbought zone earlier. The hold in the middle was an indication of the equilibrium between the selling pressure and the buying pressure.
The MACD indicator was on the axis after the MACD line and signal line underwent a bearish crossover. The MACD histogram was flat, which was preceded by a mix of bearish and bullish signals.
The above-mentioned indicators put XRP in the bear’s quarters in the long term and on the bull’s side in the short term.
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