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XRP/USD Technical Analysis: Cryptocurrency struggles to recreate bullish magic

The cryptocurrency market post-Christmas has been reflecting Santa’s red, with most of the coins seeing downfalls and some even in the double-digit pit. With 2019 on the horizon, a majority of the holders expect a price overturn for popular cryptocurrencies like Bitcoin [BTC], XRP and Ethereum [ETH].

1-hour

The one-hour graph for XRP shows the cryptocurrency settling after a price upheaval. The recent downtrend brought the prices down from $0.454 to $0.358, while the immediate support has been holding at $0.343. The immediate resistance is at $0.455.

The MACD indicator shows a small spike after the signal line and MACD line crossed over with each other. The spike up after the convergence reflects the condition of the MACD histogram too.

The Chaikin Money Flow indicator reveals a rise in the graph, almost touching the zero line. This is a sign of the money flowing out of the market being more than the inflow.

1-day

XRP’s one-day graph shows an uptrend and a downtrend. The uptrend lifted the prices from $0.27 to $0.56 while the downtrend pulled the price to $0.29. The immediate support has been holding at $0.26.

The Bollinger bands indicate a pause in the divergence of the upper band and the lower band, a sign of the sideways price movement. The average size of the Bollinger cloud reveals a lack of price breakout.

The Relative Strength Index is in the middle of the graph after falling from the overbought zone. The middle hold points to a close equilibrium between the buying pressure and the selling pressure.

Conclusion

As the year comes to a close, the above-mentioned indicators put XRP in the category of cryptocurrencies that fell off the bull peak and are trying to recover. The RSI and the MACD have taken the side of the bull, with few chances of a massive breakout.

The post XRP/USD Technical Analysis: Cryptocurrency struggles to recreate bullish magic appeared first on AMBCrypto.



from AMBCrypto http://bit.ly/2GInY1t

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