The start of the new year has seen changes across the cryptocurrency charts, with the major pointer being Ethereum [ETH] taking over XRP. Other coins like Bitcoin [BTC] and Bitcoin Cash [BCH] also saw slight spikes in their prices that was reflective among many of its counterparts.
The one-hour graph for XRP shows the cryptocurrency in the throes of price recovery. The initial downtrend saw the prices plummet from $0.45 to $0.36. The following uptrend witnessed the price climb from $0.343 to $0.36. XRP’s support has been holding at $0.343 while the resistance is at $0.456.
The MACD indicator has almost flatlined with the MACD line and the signal line moving as a conjoined pair. The MACD histogram has reciprocated the price movements, displaying a very subdued picture.
The Chaikin Money Flow indicator has fallen slightly below the zero line. This is an indication of the money flowing out of the market being much more than the inflow.
XRP’s one-day graph paints a picture of the cryptocurrency undergoing a price movement absent of any drastic ups and downs. The long-term support has been holding at $0.25 while the visible downtrend lowered the prices from $0.51 to $0.29.
The Relative Strength Index graph shows the cryptocurrency staying close to the overbought zone after climbing from the oversold zone. This is a sign of the buying pressure being much higher than the selling pressure.
The Bollinger band indicates the cryptocurrency moving in a sideways manner without any major price outbreaks. At the moment of writing, both the upper band and the lower band don’t show any significant convergence or divergence.
The above-mentioned indicators all take the side of the bull with the bear lurking around. The RSI and the MACD show a clear bullish indication while the Bollinger band and the CMF point to the bear’s presence as evidenced by the sideways price movement.
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