The cryptocurrency market seems to be slowly gaining traction after the massive bear hit which took place last week. The price of Bitcoin [BTC], which had touched as low as $5,358 on 15th November is gradually increasing. At the time of writing, BTC is trading at $5,593 and has shown approximately 1% gain in the past 24-hours.
However, the 7-day chart still shows a 12.59% decline. The case remains the same with other cryptocurrencies, as they are moving out of the bear’s claws.
However, XRP continues to maintain its 2nd position on the market list with a bright green signal. At the time of writing, XRP is trading at $0.51 with a market cap of $20 billion approximately. The 24-hour and 7-days chart shows a gain of 8.32% and 1.57% respectively.
The 1-hour chart of XRP looks bullish with upwards trend lines extending from $0.43 – $0.47 – $0.49 and $0.48 – $0.52. The resistance point created $0.51 on 14th November has been broken and the price has moved further to reach the current rate.
The Parabolic SAR depicts a highly positive outlook for XRP at the moment. The dotted pattern is clearly aligned below the candlesticks and moving towards the bullish end.
The Awesome Oscillator is forming red bars above zero line of the histogram, depicting a slight downtrend in this 1-hour time frame.
The Chaikin Money Flow graph demonstrates an upward momentum with buyers maintaining their position in the XRP market with a good amount of inward money flow.
In the 24 hours chart of XRP, we can see an uptrend formed from $0.26 to $0.47 with the recent resistance point set at $0.58.
The Bollinger Bands are forming a slightly narrow path, indicating that there will be less volatility in the XRP market.
The MACD is experiencing a bearish crossover with the moving average line continuing its journey closely aligned with the signal line. The histogram has also formed negative bars below the zero line in this time frame.
The Aroon Indicator shows a bearish trend as the Aroon Up line is moving toward the zero line. The Aroon Down line has hit the maximum and is currently showing a trend reversal. This might let the bulls take over the market at the end of this trend.
According to the above Technical Analysis, the price of XRP will continue the bullish trend for a short time as the indicators are strongly in favor of a bull run in the 1-hour chart. On the long run, the indicators are not highly supporting the bull run, however, a positive trend reversal can be expected.
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