The cryptocurrency market recently went through a change in sentiment with the bull ensuring that the value of digital assets gets a reprieve. XRP, the 3rd placed cryptocurrency has been trying to get on a price ramp for some time now and the latest pump was just what the doctor ordered. XRP, along with its compatriots blinked green across the charts and holders have kept their fingers crossed for the current phenomenon to continue.
1 hour:
The hourly chart put the hike in perspective as the larger green candles had outperformed any bearish pullback. The immediate support was at $0.196 while the resistance was at $0.22.
The Parabolic SAR was below the price candles, signaling a slight downturn in price. During the price hike, the markers were below the candles with the trend line implying the same message.
The Chaikin Money Flow indicator had dipped below the zero line. This meant that the capital coming into the market was less than the outflow.
The MACD indicator showed a drastic change in characteristics after the arrival of the bear. The MACD line and the signal line had crossed over each other while the histogram pointed to a mixed bull/bear atmosphere.
1 day:
The one day spectrum painted a more sombre picture for Ripple’s native cryptocurrency. The immediate support for XRP on the daily chart was $0.18 after a sustained bearish hold.
The Chaikin Money Flow indicator was much above the zero line, indicating a massive capital inflow. This change in investor sentiment is what users are expecting in the short term too.
The Parabolic SAR was below the price candles in the daily chart after the short term gains made its impact felt. The markers are indicative of a bullish atmosphere for XRP upfront.
The MACD indicator was below the histogram with the signal line and the MACD line moving parallel to each other. The histogram was a mix of both bearish and bullish signals.
Conclusion:
The XRP community has been hoping against hope that the cryptocurrency’s price goes back to its glory days. The above-mentioned indicators painted a picture of an industry struggling to get out the bear rut created in 2019. This might be a case of ‘slow and steady wins the race’ and XRP’s use cases are doing everything they can to nudge the price in the right direction.