XRP/USD Technical Analysis: Red clouds hover over investor sentiment

In the blooming cryptocurrency market that has been blessed by the bull, big altcoins like XRP are also reaping the benefits led by the Bitcoin [BTC] breakout.

At the time of writing, XRP was trading at an appreciated price of $0.37, with a market cap of $15.1 billion. The total trade volume in the past 24 hours was recorded to be $974.5 million.

1-hour

XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-hour candlesticks | Source: tradingview

In the 1-hour candlesticks of XRP, the upward trend is extending from $0.29 to $0.38 whereas the resistance level fixed at $0.39. A trend breakout may occur as the price has reached a fair level of concentration.

The Parabolic SAR is bearish on the cryptocurrency. This is clearly indicated by the position of the dots above the price candles.

The Aroon indicator is in sync with the above indicator. This can be observed as the indicator is showing more strength in the downtrend than the uptrend.

The Awesome Oscillator has become the third predictor of a bearish XRP market. As of now, the bars are glowing red to side warn the investors.

1-day

XRPUSD 1-day candlesticks | Source: tradingview

XRPUSD 1-day candlesticks | Source: tradingview

In the 1-day time frame, the XRP candlesticks are witnessing a downtrend that stretches from $0.51 to $0.38 whereas the support level is set at $0.26.

The Bollinger bands are currently following a broad tunnel-pattern, leaving much space for prices to fluctuate.

The RSI has been traveling in the bullish zone for a while. However, the indicator has now turned to the bearish side of the graph, projecting a bearish stance.

The MACD has made a bullish crossover by the signal wherein the reading line is still moving upwards to give a positive outlook on the matter.

Conclusion:

In this technical analysis, it has been observed that the majority of the indicators are speculating against a positive fate for XRP. Therefore, the bear might soon avenge its defeat and pain the prices red. Furthermore, a trend breakout might take place, resulting in a price drop.

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