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XRP/USD Technical Analysis: Investor sentiment remains unchanged as buying pressure spikes

The cryptocurrency market is celebrating a bullish run once again in these times of great volatility. Here, the second-largest cryptocurrency in the world, XRP is up by 9% wherein the coin is trading at $0.38 with a market cap of $15.5 billion. The total trade volume of XRP in the past 24 hours is observed at $756 million.

1-hour

XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-hour candlesticks | Source: tradingview

In the one-hour analysis of the XRP candlesticks, a downward trend can be witnessed extending from $0.45 to $0.39 whereas the uptrend is ranging from $0.35 to $0.38. There is much concentration that exists in the current price trend, indicative of a trend breakout soon.

The Bollinger bands are closing in on each other to restrict free flow of volatile XRP market. The bands were previously broadened but have now predicted lower volatility in the price trend.

The Aroon indicator is extremely bullish on the fate of the cryptocurrency. This is due to more strength in the green trend wherein the downtrend is crashing, weakening further.

The Awesome Oscillator is also waving bullish signs at the XRP market. This is evident as the bars have turned to green, switching the safety signal on.

1-day

XRPUSD 1-day candlesticks | Source: tradingview

XRPUSD 1-day candlesticks | Source: tradingview

In the one-day time frame, the XRP candles are experiencing a downtrend from $0.51 to $0.41 whereas the uptrend is ranging from $0.29 to $0.39. Similar to the above case, a trend breakout is pending here as well as the prices are packed tightly.

The Parabolic SAR is currently bearish on the cryptocurrency as the dots have assembled themselves above the price candles.

The MACD has made a bullish crossover to support a positive prediction for the coin. Moreover, the reading line is moving upwards to confirm the stance.

However, the RSI is depicting high buying pressure in the XRP market. This is a good sign as it indicates that the market is blooming giving a boost to the price trend.

Conclusion

In this technical analysis, it has been concluded that the majority of the indicators have sided with the bull to be the ruler of XRP price trend. In the short-run, lower volatility is to be expected in the market.

The post XRP/USD Technical Analysis: Investor sentiment remains unchanged as buying pressure spikes appeared first on AMBCrypto.



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