Technical Analysis [XRP/USD]: Make or break situation?

After XRP took over Ethereum [ETH] yesterday in a bullish run, it captured the number 2 spot according to market capitalization. After enjoying the show for a short interval, the coin has again fallen back to the third position.

At press time, the coin is trading at a value of $0.52, with the market cap of $20 billion. In the past 24 hours, the coin has seen a fall of 5.11%, whereas showing an overall 7-day hike of 48.33%. Over the past 24-hours, XRP’s lowest has been $0.50

Upon closer inspection, it can be noticed that the coin is resting at a crucial resistance level which can make or break its next run.

1 hour:

The MACD is slightly above the zero level. The MACD and the signal are nearing a convergence. The Histogram is showing an upward trend, indicating that MACD might display a bullish trend.

4 Hour:

The narrowing Bollinger bands indicate a sign of decreased volatility in the price, indicating a break out soon. The awesome oscillator is tending towards zero. The price will see a bullish run if the Awesome oscillator crosses the zero level.

1 Day:

RSI Indicator shows that the price has just recovered from the overbought zone, indicating a bearish sign.  The 20-period Moving Average is lagging behind price and is holding a value of $0.37. Should the price fall, it will act as a key support.

Conclusion:

Close observation of MACD indicator and the awesome oscillator in the 1 and 4-hour time frame shows a bullish sign for XRP. If the long-term $0.89 – $0.56 downtrend is broken, it indicates a strong bullish sign for XRP.

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The post Technical Analysis [XRP/USD]: Make or break situation? appeared first on AMBCrypto.

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