XRP/USD Price Analysis: Coin rides the bull as bears stalk their prey

XRP/USD Price Analysis: Coin rides the bull as bears stalk their prey

  15 Mar 2019

XRP, the third-largest cryptocurrency, saw a trend change as the prices finally showed bullish signs. The token suffered a prolonged bear market and eventually consolidated. However, the bulls are entering the market.

At press time, XRP was valued at $0.3117, with a market cap of $12.9 billion. The token reported a 24-hour trading volume of $706 million, while noting a dip by 0.69% over the past day. Even though the third-largest token reported a fall of 0.84% over the past week, and is falling by a minuscule 0.20% at press time, a trend change seems imminent.

1-hour

Source: Trading view

Source: Trading view

The one-hour chart 0f the coin noted an uptrend that extended from $0.3225 to $0.3266, and another price hike was marked from $0.3144 to $0.3157. The token fell from $0.3266 to $0.3177 and traced a resistance at $0.3226 and $0.3266. The token had a support at $0.3143.

Bollinger Bands pointed towards a bullish reign as the moving average line was under the candlesticks. The bands had converged, reducing market volatility.

Awesome Oscillator indicated a reduced bullish momentum.

Chaikin Money Flow marked a bullish market as the marker shot above the zero mark.

1-day

Source: Trading view

Source: Trading view

According to the one-day chart of XRP, the token saw two price hikes. One uptrend was observed from $0.3465 to $0.5639 and another from $0.2707 to $0.4847. The token noted a downtrend from $0.5551 to $0.3198. The resistance was noted at $0.5551 and support at $0.2905.

Parabolic SAR marked a bearish market as the markers aligned above the candlesticks.

MACD line was under the signal line and pointed towards a bearish reign.

Relative Strength Index indicated that the buying and selling pressures evened each other out.

Conclusion

According to a majority of the indicators, including Bollinger Bands, Awesome Oscillator, and Chaikin Money Flow, a bullish market was forecast for the coin. However, the bears have not let go of the coin.

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