- The trading volume in the last 24hr at the time of writing this article is +3.88%
- The price of XRP/BTC and XRP/ETH at the time of writing this article is 0.00002178BTC and 0.0003165ETH
- Descending triangle pattern in the daily chart.
LONG TERM VIEW:-
In the daily chart time frame we can see the bulls are winning the battle with the bears as we can see the green candle after the continuous fall of the price. Let’s look at the technical indicators for a better understanding of the price. We can see the MACD is showing a red histogram, meaning the MACD line is below the Signal line. In addition to that we can see the RSI is in the neutral zone near the 40 and it is pointing towards the Overbought zone. Lastly we can see the Moving average, as 20MA and 50MA is currently above the 100MA but we can see the 20MA is changing its direction and crossed the 50MA.
Having said that, we can see that there is a descending triangle pattern happening which is a very bearish pattern, we can see there is a resistance line which is the price is not able to break and taking support near the demand zone which is 100MA
SHORT TERM VIEW:-
In the 4hr time interval we can see the descending triangle pattern more clearly. As we can see the price is taking resistance near the 50MA as the price is not able to move above it. We can see the MACD is showing a red histogram, the MACD line is below the Signal line but we can see the MACD is changing direction and will cross the Signal line soon.
Moreover we can see the RSI is in the neutral zone near the 44 and it is pointing toward the overbought zone (70)
Looking at both long term and short term we can see that the bulls are trying to push the price up. If they are able to break the resistance of the descending triangle then we can see a bullish trend. If not then we can see the bears can drive down the price when it comes near the support or demand zone.