XRP was one of the biggest gainers in the market pump earlier this week, managing to trace a movement higher than most of the top cryptocurrencies. While investors find that the growth is being erased by slow market movement, the technicals seem to indicate a different story.
There are crucial resistance levels at $0.589, $0.546, $0.458 with $0.373 as the support. A sharp downtrend from the $0.543 – $0.459 marks was seen, with a support uptrend presenting itself at $0.399 – $0.446.
The RSI recovered from the overbought zone recently, indicating a sell signal.
The KVO is unclear after a bearish cross during the early hours of trading today.
The Relative Vigor Index is demonstrating a bullish crossover, with the signal line crossing the MA as it moves downwards.
The Parabolic SAR is demonstrating a bearish signal, as evidenced by the presence of the dots above the candlesticks on the graph.
A long-term downtrend has presented itself from $0.894 to $0.579. Resistance levels are found at $0.898 and $0.727 for the long-term outlook. The $0.263 level exists as a support for the coin.
The levels between $0.579 and $0.508 captured most of the price movement over the last week, where XRP moved in a tight sideways movement.
The bear seems to be waiting for XRP to fall into its clutches as the price finds momentum dwindling. This comes at a crucial time for the cryptocurrency market as a whole, representing the problems the price of XRP has to overcome to ensure a bullish movement.
While the indicators are showing a generally inconclusive outcome, recent sentiment in the market is riding high after the hike earlier this week. The short-term effects of this sentiment may provide the momentum required to break the barriers of sideways movement.
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