After the period of price consolidation that lasted between the 20th of August and between 15th of August, a very significant candlestick appeared. It tells of the imminent bullish trend in the market. After any period of price consolidation, it is always expected that a decisive market direction should follow. And in this case, it is a bullish way. However, the behaviour of XRP/USD today tells us that sellers are still formidable. The longer upper shadow of today’s candle tells of how very volatile today’s market is.
XRP Market Price Statistic:
- XRP /USD price now: $0.50272
- XRP /USD market cap: $25,328,897,059
- XRP /USD circulating supply:49,848,294,935
- XRP /USD total supply: 99,989,294,935
- XRP /USD coin market ranking: #6
- Resistance: $0.550000, $0.573315, $0.600000
- Support: $0.37858, $0.3500000, $0.30000000
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XRP Market Price Analysis: The Indicators’ Point of View
Today’s market seems very volatile. The candlestick has a very long upper shadow. This is a sign of strong selling pressure, even though for now, the bulls are winning. But the Moving Average Convergence and Divergence indicator still confirms a strong bullish trend. The positive histogram for today is still green. That means bulls are still active in the market. In the RSI indicator, the RSI line is already in the overbought and it is already showing signs of retracement. This is in response to increasing selling activities in the market today.
XRP/USD 4-Hour Chart Outlook
Today opened with the first four hours of the day’s trading session being very bullish. After the first session, traders begin to take a profit. This is reducing the bullish momentum. The two indicators used for this analysis show that the market is retracing a lower level from the overbought zone.
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