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XRP/USD Technical Analysis: The bulls are nowhere to be seen as the bears have pressured them out

XRP prices have decided to take a break after their massive Christmas rally along with other cryptocurrencies. The prices for XRP are currently trading at $0.37 with a market cap of $15.29 billion.

The 24-hour trading volume can be seen hanging at $761 million with most of the trading volume coming from a Japanese exchange called, Bitbank via the trading pair, XRP/JPY. This exchange contributes to a total of ~13% of all the trading volume. Korean exchange, Upbit follows this exchange contributing a total of 10% of trading volume via the trading pair XRP/KRW.

1 Hour

Source: TradingView

The uptrend for XRP ranges from $0.2919 to $0.3794, while the downtrend extends from $0.4551 to $0.3841. The prices are being supported at new support which was formed after the downtrend that began on the Christmas Eve and ended on December 25, 3:00 UTC. The support at $0.3771 is holding the current prices from sinking deeper. The resistance points are seen hanging at $0.4040 and $0.4554.

The Parabolic SAR markers are formed above the price candles and seem to be presenting a bearish pressure for XRP prices.

The MACD tried hard to get rid of the bullish crossover and get above the zero-line but failed as it underwent another bearish crossover due to bearish pressure.

The Awesome Oscillator shows a bearish crossover, as well as the red bars, have migrated to the bottom of the zero-line.

1 Day

Source: TradingView

The one-day chart for XRP shows no sign of an uptrend but the downtrend extends from $0.4141 to $0.9027. The prices in the longer time frame are supported at $0.2627, while the resistance lines can be seen at $05821, $0.6899, and $0.9027.

The Bollinger Bands are seen to be shrinking as the volatility has left the market for XRP, the prices are well above the simple moving average which indicates a bullish trend.

The RSI is also trending in an uptrend fashion and struck the 60-line, which indicates that the buying momentum in the market is high.

The Chaikin Money Flow indicates otherwise as it is still below the zero-line and is undergoing a bearish divergence.

Conclusion

The one-hour chart for XRP shows a bearish downtrend, but the prices are holding above the major support line. The bearish trend is clearly indicated by the SAR, MACD, and Awesome Oscillators. The one-hour for XRP is showing partial bullish pressure in the market, while the money is still flowing out of the market as indicated by the CMF, which is undergoing a bearish divergence.

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