XRP was on a constant uphill battle with the bear over the course of twenty nineteen and the price depreciation is evidence of that. The third-largest cryptocurrency hopes to alleviate its problems in 2020 with the bull shining light on it in sporadic moments. At press time, XRP was trading for $0.19 with a total market cap of $8.391 billion.
1 hour:
On the one hour chart, the immediate support was at $0.189 while the resistance held at $0.197, The trend lines showed that the price movement was upward, a glorious sign for the ‘XRP Army’.
The Parabolic SAR was below the price candles after staying above them for a sustained period of time. The hold below the candles signified that the cryptocurrency was going through bullish terrain.
The MACD indicator was predominantly bearish as denoted by the red clutters of the price candles. The signal line and the MACD line had both crossed over the reveal a slight increase in prices during the first day of 2020.
The Chaikin Money Flow indicator was below the price candles. The CMF points to the capital accumulation in a particular cryptocurrency market and for XRP, the CMF stated that the capital leaving the market was much more than the capital coming into it.
1 day:
The immediate support on the one day chart was at $0.1896 while the resistance had not climbed above the $0.2 mark in over a month. The third-largest cryptocurrency was trading for $0.192 with the last candle being red.
The Parabolic SAR was above the price candles which meant that XRP had a tough bearish season ahead in the long term.
The MACD line was below the histogram with the signal line crossing over the MACD line. The bearish crossover was another marker in XRP’s struggle against the bear.
The Chaikin Money Flow indicator in the long term was just below the zero line. The capitulation below the line had started during the middle of December which meant that capital influx from institutions had reduced.
Conclusion:
XRP still has a long way to go before it can break its all-time high records. In the current scenario, the cryptocurrency’s main mission is to break out of the bearish rut and head back to its earlier price hold within the $0.25-$0.3 range.
