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XRP/USD Technical Analysis: Markets come to a halt as the crypto-land goes barren

According to the latest trend adopted by the cryptocurrency market, all coins are showcasing a sideways pattern. XRP, the third-largest coin in the market, has also given in to the pressure and is currently following bland trading patterns.

At the time of writing, XRP was trading at $0.45 with a market cap equivalent to over $18 billion. The coin had dropped by 0.48% with a 24-hour trading volume at $238.9 million.

1-hour:

XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-hour candlesticks | Source: tradingview

In the 1-hour time-frame of XRP candlesticks, the prices have been moving upward consistently rather than downward in the sideways trend. Here, the resistance is set at $0.5, which is acting as the roof for the support ranging from $0.41 to $0.45 to form an ascending triangle.

The Chaikin Money Flow indicator is bullish, traveling in the green zone above the 0-mark. However, the stance of CMF is still unclear towards the XRP market since it is slowly approaching a downward trend from the safe region.

The Klinger Oscillator made a bullish crossover by the signal, but has taken a downturn to flash a warning for the price trend.

1-day:

XRPUSD 1-day candlesticks | Source: tradingview

XRPUSD 1-day candlesticks | Source: tradingview

In this scenario, the breakout in price trend is nowhere close by as the trend lines do not seem likely to converge. The resistance is currently set from $0.9 to $0.58 and the support point is fixed at $0.26.

The Bollinger bands are narrowing the neck to further tighten the volatility of XRP. At present, the bands are compressing the price trend of the cryptocurrency into a concentrated pack of stability, with not much space to move horizontally.

The Parabolic SAR is mildly bearish on the coin, pressurizing the candlesticks to lower their flames.

The MACD had made a bullish crossover earlier this month, but has been traveling underneath the signal line ever since.

Conclusion:

All the indicators applied to the XRP chart in this technical analysis have pointed towards a mildly bearish market. However, this does not make much of a difference in the current sideways price trend of the cryptocurrency as it has been observed that the suggestive changes in the price will not be severe in nature.

The post XRP/USD Technical Analysis: Markets come to a halt as the crypto-land goes barren appeared first on AMBCrypto.



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