XRP Analysis: XRP gaining momentum after Testing 100-DMA

  • XRP trading on the bullish note after taking support from 100-DMA and gains almost +12% in the last 24-hour
  • The pair of XRP/BTC is trading at 0.00001167 BTC with an intraday loss of -2.14% 
Source:tradingview

XRP coin is trading in a bullish momentum after a sharp dip from the highs of $0.7448. However, a sharp bounce is seen from the 100-DMA ($0.34). Presently XRP is trading above all major moving averages of 20,50,100 and 200-DMA, but the volume is not supported for this positive momentum. Some sellers also participated in the momentum, as the volume suggested. However, the momentum is still positive as XRP is trading above all major moving averages. The daily chart support is placed at $0.34, and the strong supports are $0.29 and $0.24. Meanwhile, the resistance on the higher side is situated at $0.49 and $0.60.

Source:tradingview

XRP coin chart on 1-hour time frame is trading in a consolidation phase within the range of $0.37 to $0.48 lows and highs, respectively. However, the higher side’s major hurdle is placed at $0.49 and $0.52, while support on lower levels is situated at $0.34 and $0.32. Presently XRP is trading at $0.44 with an intraday gain of +12.94% with the drastic volume change, which has increased over +78.14%, standing at $14,905,850,587. The market capitalization jumps over  +13.88% in the last 24-hour. 

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Relative Strength Index (Neutral) indicates a flat momentum while trading at 70.86. However, it is currently trading flat near the overbought zone after recovering from lower levels, and some correction is expected as it is placed near the overbought zone.  

Moving Average Convergence Divergence (Bullish) currently indicates a Bullish trend on the daily chart as trading with the significance of buying signal line (green) over sellers line(red). However, a negative crossover is expected as both lines are heading closer to each other.   

Strong support levels:$0.29 and $0.24 

Strong resistance levels:$0.49 and $0.60. 

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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