XRP has been seeing a lot of exposure recently, owing to the upcoming Swell conference by Ripple. It also finished September with an 80% growth after the drops it underwent.
The $0.57 – $0.611 uptrend reversed soon after hitting the ceiling at $0.611. It corrected to $0.587, with the uptrend from $0.443 – $0.572 providing a solid support for the coin.
The RSI rescinded its position to the center of the indicator after recovering from an overbought signal. Buying pressure has eased and settled along with the selling pressure.
The Klinger Volume Oscillator is flashing a bearish sign, as evidenced by the short downtrend demonstrated by the oscillator. This could mean that a bearish run is coming unless momentum builds and switches volumes back.
The presence of an ascending triangle is observed, indicating accumulation below the $0.57 mark. The triangle is formed by the $0.611 level as the ceiling, with the uptrend from $0.271 – $0.573 forming the support. The 20-period WMA is at $0.576, providing a support for the next run.
The MACD, however, is diverging downwards. A bearish cross was also observed as the MA line moved below the signal. The histogram also points to further downwards movement.
The Awesome Oscillator is flashing red and is showing a bearish signal as seen by the double red lines in the indicator.
The Chaikin Money Flow indicator is positive, and the buying pressure has not decreased since its recent bull run.
The AccumulatiOn Distribution indicator is demonstrating a sharp downtrend, usually perceived as a bearish sign.
The Parabolic SAR indicator is still demonstrating momentum, as seen by the presence of the indicator under the candlesticks.
However, there is a strong uptrend that might carry the momentum across, namely the rise from $0.326 – $0.574. Another slight long-term uptrend was seen from $0.507 – $0.574.
As always, investor sentiment may end up saving the day for XRP by providing the momentum it requires to beat the current bearish prediction. If the coin breaks $0.57, upwards movement will see the $0.61 and $0.77 limits tested.
If sentiment does not prevail, one can expect the $0.45 and $0.32 levels to be tested.