XRP/USD Technical Analysis: Struggle to break critical level as bears wait for prey

XRP has been seeing a slight decline in its price after the bull run to $0.60. Now, XRP HODLers are waiting for the next bull signal to take the coin to the moon. However, the technicals seem to tell a different story.

1 hour:
The $0.57 – $0.55 downtrend is set to meet the $0.442 – $0.533 uptrend. The $0.52 line is providing a floor for the triangle that is forming due to the prior downtrend, indicating a breakout soon.

The MACD is converging downwards, with the histogram moving below 0. This is generally seen as a bearish sign, as the MACD line might cross over the signal line moving downwards.

The Parabolic SAR indicator is also implying that there will be a bearish movement, owing to the downwards momentum implied by the position of the dots above the candlesticks.

The 20-period MA is providing a resistance at $$0.53.

4 hour:
The $0.598 – $0.572 – $0.541 downtrend is set to meet with the $0.323 – $0.443 – $0.526 uptrend for a breakout. This is also supported by the WMA which is currently at $0.52.

The Awesome Oscillator is above the zero mark and flashing green, indicating a stronger price movement to come soon. The RSI is neutral and is resting in the center after the buying pressure has subsided.

1 day:
The $0.50 – $0.573 uptrend continued into a downtrend to the $0.54 mark. However, a strong uptrend from $0.32 – $0.526 is looking to contest this resistance.

There is the presence of a strong support level at the $0.26 mark, which is likely to be the bottom of XRP for this year.

The buying pressure is also up, as seen by the Chaikin Money Flow indicator in the positives.

The Accumulation Distribution indicator is demonstrating a slight downtrend, due to the decreasing trade volume of XRP since the hike in its price.

Conclusion:

The price of XRP seems poised for a breakout. A rise in the buying pressure, and therefore volume, will give the price the momentum it requires to test the $0.57 and $0.61 limits.

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