Cryptocurrency price fluctuations have dominated the ecosystem in the last few days as traders hedged on shorting or longing for their positions. XRP enjoyed a decent July with proponents expecting a rise after the support settles. The cryptocurrency continued to trade above 70 cents with a market cap above $30 billion.
XRP 1 hour:
XRP’s hourly chart showed a step-wise climb for the cryptocurrency shorted by the latest bear run. Since the price hike on July 28, XRP’s immediate support had lifted slowly but surely only to be wrecked by the bear. As markets opened on Tuesday, Bitcoin’s price action continued to stay bearish. The lower Bollinger band diverged from its parallel movement indicating a dip in prices.
The Relative Strength Index tried moving away from the oversold zone after crashing towards it yesterday. This slight spike could be attributed to more people buying into the XRP market. The Parabolic SAR markers also sided with the bear with the markers staying below the price candles.
XRP 1 day:
Long-term readings for Ripple’s cryptocurrency looked better than the hourly charts as a majority of the indicators blinked green. The Parabolic SAR for the daily charts stayed under the markers pointing to a clear shift in momentum.
Although the Relative Strength Index fell over the past week, it was still closer to the overbought threshold than it has been in over 90 days. Once users HODL their XRP, the buying pressure will only increase. In the long-term scenario, the Bollinger bands diverged strongly from one another. After displaying 5 consecutive green candles, XRP users were looking forward with bated breath for the next run.