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.
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.
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.
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.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC]: Fidelity’s announcement is the biggest announcement this year, says One Alpha CEO
Anirudh VK is a full-time journalist at AMBCrypto. He
WANT TO KNOW MORE? READ FULL ARTICLE ON Ambcrypto
Disclaimer: No copyright infringement intended. The content presented in this article is only as a preview and completely belongs to Ambcrypto. Our site only helps interested users to get to the right content quickly. You can always see the full article here: https://ambcrypto.com/xrp-usd-technical-analysis-money-flows-into-the-market-as-bears-wait-for-the-hanging-prey/