XRP is trading at small red numbers for the day (0.59%). It’s still had a profitable 14-days gaining 29%. But it seems to be behaving tired in a day in which most other assets are doing just fine.
The spot price is of $0.3876 as we write this, and it’s been going down quickly for the last 45 minutes or so.
Over the last few minutes, the Bollinger bands have been widening dramatically, which seems to forecast a day with high price volatility. And so far, the price has changed a lot for sure. It’s been going down by USD 0.003 in thirty minutes, more or less. If this were Forex, it would be a catastrophe signaling that a small country went up in flames. But this is crypto, so it’s not.
The trend is downwards, even though 93% of the current market players are bulls.
Adding uncertainty to the picture is the daily technical analysis, which is intensely green. The price is above the pivot point but below the first resistance level (USD 0,41349) so, despite the optimism in this indicator, the token could spend a long time bouncing between the pivot point and the first resistance level.
So we do what we always do when we have conflicting signs. We see what’s the monthly technical analysis because the market follows the longer-term indicators more closely. In the 30 days analysis, the price is above the pivot point $0.32594 and also beyond the first resistance level of $0.36321.
The next resistance level is at USD 0.41756. Nine out of twelve moving averages are green, but most technical indicators are red. The only buying signals are provided by the MACD(12,26) and the ADX(14). Everything else is either neutral or signaling to go bearish.
There is no discernable way to reconcile the trend in the chart with the technical indicators and moving averages, so the market is very confusing. Even a tiny bit messy.
XRP’s steep downtrend
The current trend downwards is so steep that it can’t last for long, especially in the currently bullish environment we can see in the rest of the cryptocurrency market. The price is bound to bounce back, but there’s no way to tell if that will happen in the next few hours or in the next few days.
It seems that today is a good day to leave XRP alone, do a little research, and find another coin that shows a clear trend that you can take advantage of. XRP’s indicators are too contradictory, and while a rise is in the cards, there’s no way of knowing how much more it will go down before it goes back up, which is a dangerous proposition if you have leverage.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
