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XRPUSD to see a sideways movement(1D) | Volatility ~ 220%

COINBASE:XRPUSD   None
Market in last 1 week
  • XRPUSD saw an uptrend followed by a decline in price
  • Price volatility was very very high. The market moved ~224%, between $0.921 and $0.284

Today’s Trend analysis
  • XRPUSD expected to see a sideways movement as the price has observed resistance after riding the upper band with Bollinger band expansion and weak selling pressure
  • Price at the time of publishing: $0.564
  • XRP’s market cap: $25.94 Billion
  • Oscillator indicators are mostly neutral. RSI at 70 in the neutral region.
  • Moving average indicators are indicating an uptrend. Ichimoku Cloud is neutral and Hull MA indicates selling opportunities
  • Volume indicators observed an increase in value as the price increase followed by a decrease in volume with a decline in price

Price expected to see a sideways movement as the price has observed resistance after riding the upper band with Bollinger band expansion. Most of the Oscillator indicators are neutral. MACD line approaching the signal line from above, histogram size decreasing in the positive region suggesting a bullish bias. RSI at 70, close to overbought in the neutral region. CCI at 110, in the overbought region indicating a downtrend. Another interesting point to notice here is that the volume observed an increase in value as the price increase followed by a decrease in volume with a decline in price indicating weak selling pressure.
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The analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 1 D candles.

Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .

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Comments

nailed it. great summary as well. I also expect range-locked price action for a few days.
+1 Reply
If you find the analysis useful, please like and share our ideas with the community!
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Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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