XRP/USD Technical Analysis: Money flows into the market as bears wait for the hanging prey

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XRP was one of the biggest gainers last month, reflecting a 114% increase at the height of the hike. While it has since subsided, the price still seems to have fuel in it for another run to the atmosphere.

1 hour:

A dominant downtrend is present at the $0.480 – $0.470 marks. However, the uptrend from $0.37 – $0.39 – $0.447 is providing support for the price.

The Relative Vigor Index is demonstrating a bearish cross downwards, with the general direction of the indicator moving downwards as well.

The Chaikin Money Flow indicator is demonstrating a strong upwards trend, especially after yesterday’s drop. This indicates a large amount of money flowing into the market.

1 day:

The long-term downtrend from $0.894 – $0.579 – $0.456 is still in power since May, providing no respite for the price as it continues moving downwards. However, a strong short-term uptrend is providing support for the price, demonstrated by the movement from $0.27 – $0.376.

The RSI is balanced between the buying and selling pressure after recovering from the oversold zone.

The MACD is set for a bullish crossover with the histogram tending towards zero.

The Parabolic SAR recently turned bullish, with the presence of a dot under the most recent candle.

Conclusion:

While the indicators are demonstrating mixed signals, the inflow of capital into the market as evidenced by the sharp uptrend in the CMF is generally considered a bullish sign. The long-term outlook is set to be seen.

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Anirudh VK is a full-time journalist at AMBCrypto. He

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