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XRP/USD Technical Analysis: Volatility to strengthen, suggesting a trend reversal

In a peculiar cryptocurrency market trend, XRP, the leader of the altcoins, is currently showing a change of 0% on CoinMarketCap. At the time of writing, the coin was trading at a price of $0.36, with a market cap of $14.9 billion. Here, the total trade volume of the token in the past 24 hours was recorded at $588.2 million.

1-hour

XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-hour candlesticks | Source: tradingview

In the one-hour scenario of the XRP candlesticks, there is an acute downtrend that is suspended from $0.45 to $0.38. Here, a support level is observed at $0.37 to hold the prices from free-falling. A sharp possibility of a trend breakout is in sight as the concentration in the price has peaked.

The Parabolic SAR is bearish on the cryptocurrency as is evident by the position of the dots above the price candles.

The Relative Vigor Index is agreeing with the above prediction and is on the side of the bear. The RVGI made a downward crossover and is crashing to the bottom.

The Aroon Indicator is also suggesting a downward trend for XRP as the strength in the red trend is more powerful than the green trend as it continues to crash on the graph.

1-day

XRPUSD 1-day candlesticks | Source: tradingview

XRPUSD 1-day candlesticks | Source: tradingview

In the longer time frame, the XRP candlesticks have been witnessing an uptrend that extends from $0.27 to $0.29. A downtrend has also been spotted that is relatively steeper, ranging from $0.51 to $0.41. At present, the resistance level is set at $0.58 and has not been broken.

The Bollinger Bands went through a narrow phase of volatility but are back on track to project a higher fluctuation in XRP prices. As of now, the bands are diverging from each other to broaden the tunnel pattern.

The RSI is traveling in the buy zone to depict a higher buying activity in the XRP market. However, the reading line is approaching downwards to move into the selling zone.

The MACD is extremely bullish on the cryptocurrency as it has made a positive crossover by the signal, still moving upwards to the bull’s side.

Conclusion

In this technical analysis, it has been observed that the majority of the indicators are against a positive fate for XRP. Moreover, higher volatility is to be expected in the market accompanied by a trend breakout.

The post XRP/USD Technical Analysis: Volatility to strengthen, suggesting a trend reversal appeared first on AMBCrypto.



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