The cryptocurrency market has been on a massive uptrend over the past week with February turning a positive spin on the industry. Apart from Bitcoin, the altcoin industry has also surprised its investors by performing real well on the price chart.
XRP has been on a roll too with Ripple’s native cryptocurrency breaking its immediate resistance multiple times. After the recent price hike, XRP has hit its highest value in 2020.
1 hour:
On the hourly spectrum, XRP had risen rapidly to settle at a decent range. The immediate resistance was at $0.269 while the immediate resistance closed at $0.286. The price incline also increased the number of investors coming into the XRP market causing the volume also to bounce up.
The Bollinger band moved parallel to each other after diverging on the 8th. Currently, the parallel hold was a sign that the market had become stable at an increased value. Investors were right now waiting for another Bollinger cloud for a practical increase in value.
The Parabolic SAR was above the price candles after staying below it for some time. The hold above the markers signaled that the market was heading into an immediate bearish atmosphere.
The Relative Strength Index bounced from the oversold zone after the recent price rise. The graph also signified that the buying pressure in the XRP market was overtaking the selling pressure.
1 day:
XRP’s performance on the daily chart has also been relatively above par compared to its performance in January. The immediate support on the daily chart was at $0.186 after a long drawn out bear run. The graph had significantly gone up for the first time since October of 2019.
The Bollinger bands in the long term had rise but with the upper band and the lower band moving parallel to each other. The parallel climb meant that although the price hike was evident, it was not explosive.
The Relative Strength Index had just dipped inside from the outer confines of the graph. This upper hold was a sign that the buying pressure was much higher than the selling pressure in the long term.
The Parabolic SAR was below the price candles since January 20. The markers stated that in the long term, XRP would continue to remain bullish.
Conclusion:
The cryptocurrency market looked healthy after the green turn of fate. The hike in the beginning of February was also a sign that the expected ‘altcoin surge’ may actually come to fruition rather than just staying as a prediction.