XRP/USD Technical Analysis: Walking a tightrope at $0.47 as bears wait for prey

The price of XRP saw a meteoric rise last month, closing September at an 80% gain. However, it has begun to see a steady decline in the time since and is now resting on one of its crucial support lines.

1 hour:
The downtrend from $0.587 – $0.482 is still in power, forming a descending triangle with the support level at $0.470. This indicates that a breakout can be seen soon.

The MACD is bearish and is moving below the signal after the crossover.

The Awesome Oscillator is flashing a bearish as well, with continued downward movement.

4 hour:
The uptrend from $0.345 – $0.598 – $0.611 carried the momentum for the upwards run, and quickly converted into the $0.611 – $0.481 downtrend.

There is a crucial resistance level presenting itself at the $0.470 mark. If this is broken, XRP might see a bearish slide to the $0.442 mark, which is the next resistance level.

The final resistance for the price of XRP to further move downwards is at $0.25, representing its low this year.

The RSI is plunging towards the oversold territory, which generally represents a bullish run. However, it might also mean that buying pressure has subsided on the coin due to waning volumes.

The Klinger Volume Oscillator is forming a bearish cross, with the signal line crossing above the oscillator.

1 day:
The slight downtrend from $0.656 – $0.574 is acting as a resistance level since June. This is also complemented by the long-term resistance level presenting itself at $0.688.

The uptrend from $0.268 – $0.465 provided the momentum for the price increase seen last month. This marks the $0.26 level as the floor for this run.

The 20-period DEMA is providing a strong resistance at $0.526.

The Stochastic Momentum indicator also presented a signal that implied that the coin might be oversold. However, a comparison with the Chaikin Money Flow indicator shows that money flow is actually in the negative, presenting a combination of bearish signals.

The Parabolic SAR indicator is also flashing a bearish signal.

Conclusion:

XRP seems to be headed for a tumble again, considering that the entire market is exhibiting sideways movement. While investor sentiment might be low for the cryptocurrency market at the moment, the indicators show that XRP has a worse lot than the others.

A break in the $0.470 resistance might see the price test levels of $0.44 and, much later, $0.25.

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