XRP, Ripple’s native cryptocurrency has taken multiple steps over the past year to solidify its position as the de-facto digital asset for cross border transactions.
The multiple partnerships created by its parent company has however not resulted in significant increases in its price. The XRP ‘Army’ has taken the reduced price performance in stride and despite the bearish market, even claimed that third-largest cryptocurrency would moon to record highs soon.
On the hourly spectrum, XRP was trading for $0.192 after climbing substantially on January 3. The immediate support was at $0.183 while the immediate resistance was holding at $0.1985.
The Bollinger bands had diverged from one another indicating an imminent price breakout. In this case, the bullish breakout had caused the candles to fall back into the Bollinger cloud prompting many in the space to speculate a bull overturn.
The Relative Strength Index spiked near the overbought zone after trudging below the oversold zone for sustained periods of time. The hold near the upper zone signified that the buying pressure was much more than the selling pressure.
The MACD indicator also showed bullish signals in the short term. The MACD line had crossed over with the signal line while the MACD histogram flashed green.
In the long term sequence, XRP was still far away from its earlier highs above the $1 mark. The immediate support on the daily chart was clocked at $0.1777 after a drastic fall in prices towards the end of 2019.
The Relative Strength Index in the long term was bearish as the graph was near the oversold zone. The increase in selling pressure was due to the lack of interest from institutional investors as well as a very low price hold.
The Bollinger bands had converged towards each other, pointing to the close of a price trend. The last Bollinger cloud was bearish and had contributed to a lower price point.
The MACD indicator on the daily chart was flatter than its hourly counterpart. The histogram was a mix of bearish and bullish signals while the signal line and the MACD line ran in parallel with each other.
The above-mentioned indicators pointed to minuscule increases in XRP’s price over the short term while the picture was still bearish in the long run.
Many investors and proponents of the cryptocurrency believe that an increased influx of institutional investors was the key to take XRP to the next level.