XRP/USD Technical Analysis: Breakout of the prices to the upside is imminent

XRP has moved down to the third spot while Ethereum [ETH] has taken up its second spot in terms of market cap. The price of XRP at the time of writing was $0.3138 and the market cap of XRP was $12.69 billion.

The 24-hour trading volume of XRP was at $513 million while most of the trading volume is coming from ZB.COM exchange via XRP/BTC trade pair. ZB.COM contributes a total of 9.19% of the total trading volume.

1-hour

Source: TradingView

The one-hour chart for XRP shows an uptrend that extends from $0.2952 to $0.3043, while the downtrend ranges from $0.3390 to $0.3160. The support at $0.29288 has not been tested ever since the spike on February 8, 2019. The resistance point at $0.3038 is now a support as the prices have successfully breached. The subsequent resistance at $0.3160 was tested on February 13, 2019, at 05:00 UTC.

The Parabolic SAR markers are indicating a bullish trend as the markers have formed below the price candles. It could be a possible reversal in a short-term trend

The MACD indicator shows a bearish crossover that is rising up looking stronger, as the gap between the MACD and the signal line has increased. The histogram shows a gradually rising trend.

The Awesome Oscillator shows a rising momentum for XRP prices as well since the green bars on the histogram are increasing in length.

1-day

Source: TradingView

XRP in the one-day chart shows only a downtrend that is dominant and spreads from $0.9027 to $0.3134. The support at $0.2587 is the only thing holding the prices from collapsing. The long-term resistance can be seen in three distinct points, $0.5836, $0.6880, and $0.9027.

The Aroon indicator shows a collapse of both the uptrend and the downtrend, as both the Aroon green and red lines have reached the zero-line. This might indicate an upcoming sideways trend for the asset.

The Chaikin Money Flow indicator shows that the money flowing into the market and flowing out of the market are both canceling each other out since the CMF line is at zero-line.

The Relative Strength Index shows a neutral position from the buyer and seller perspectives since the RSI line is at 50. This indicates that the buyer and the seller momentum is equal.

Conclusion

The one-hour chart shows a bullish overall trend as indicated by the SAR, MACD, and AO indicators. The one-day chart shows a rather neutral stance for XRP in a larger time frame. The indicators [Aroon, CMF, and RSI], all show a balance and sideways hinting trend.

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