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XRP/USD Price Analysis: Coin goes into a consolidation phase as volatility passes


There were major developments in the XRP community, with XRP being listed on Coinbase on February 25, 2019. This gave way to a major rumour suggesting insider trading and under the table transactions. This resulted in massive levels of volatility and price fluctuations in the coin’s price.

The price of XRP at press time was $0.3270, with a market cap of $13 billion. XRP had a 24-hour trading volume of $790 million, with ZBG exchange accounting for a total of $79 million in trading volume via the XRP/USDT trading pair.

1 Hour

Source: TradingView

The uptrend for XRP in the one-hour chart extended from $0.29144 to $0.3046, with no clear formation of a downtrend. The prices were hovering above the support at $0.3160 and $0.3046. The resistance point at $0.3489 was yet to be breached.

The Parabolic SAR markers were found below the price candles, indicating a bullish pressure for the coin.

The MACD indicator showed a bullish crossover that was underway.

The Awesome Oscillator showed a slow increase in the momentum of price action as the green lines crossed over to the top of the zero-line, indicating bullish pressure.

1 Day

Source: TradingView

The one-day chart showed sideways movement of prices without any massive fluctuations. The downtrend extended from $0.9027 to $0.3385. The long term support at $0.2587 was holding steady and so were the resistance points at $0.5836, $0.6880, and $0.9027.

The Aroon indicator showed a diminishing downtrend falling down with the uptrend, indicating a consolidation of the prices.

The Chaikin Money Flow indicated that money was flowing out of the markets i.e, the sellers were controlling the market for XRP in the one-day time frame.

The Relative Strength Index showed that the momentum of the XRP market was fairly balanced. The buying and the selling pressures were canceling each other out.

Conclusion

The one-hour time frame indicated a bullish pressure for XRP, which was further confirmed by the indicators SAR, MACD, and AO. The one-day chart indicated a consolidation phase for XRP in the long term. The indicators, RSI, CMF, and the Aroon confirmed the same.


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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.





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