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1 March 2024
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Price Analysis

XRP/USD Technical Analysis: Coin waltzing around with the bull

The cryptocurrency market has not been in favor of the tokens, as most of the coins are vermillion in the 24-hour chart. The second-largest coin on the CoinMarketCap list, XRP, has also reported similar results in its one-hour and one-day charts.

A the time of press, the coin was valued at $0.3024, with a market cap of $12.4 billion. The coin registered a 24-hour trade volume of $419 million while reporting a fall of 1.67% over the past day. The coin has shown a limited growth of 0.88% over the past week and is still recording a minimal growth o 0.19% over the past hour.

1-hour

Source: Trading view

Source: Trading view

XRP’s one-hour chart notes an uptrend from $0.2981 to $0.3390 and follows a downtrend ranging from $0.3392 to $0.3045. The coin met with strong resistance at $0.3158, while support was marked at $0.3027.

Bollinger Bands appear to have diverged but is moving towards each other, reducing the market volatility. The moving average line is above the candlesticks, marking a bearish market.

Awesome Oscillator, on the other hand, points towards a weakened bullish momentum.

Chaikin Money Flow is close to the zero-mark and has bounced into the bear’s zone after touching the zero mark.

1-day

Source: Trading View

Source: Trading View

As per the coin’s one-day chart, an uptrend is observed from $0.4467 to $0.5736. The coin also registered a downtrend that extended from $0.5551 to $0.3276 with resistance marked at $0.3276 and support at $0.2926. The coin marks another strong support at $0.2895.

Parabolic SAR marks towards a bullish trend as the markers have aligned under the candlesticks.

MACD line is above the signal line right after an immediate crossover, pointing towards a bullish market.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion

The markers, Parabolic SAR, Awesome Oscillator, and MACD are predicting a bullish trend for the coin, however, Bollinger Bands and Chaikin Money Flow are forecasting a bearish ride for the second largest coin, XRP.



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