XRP Squeezed at Critical Resistance Amid Sleepy Market - Price Analysis

  • Short term trend: Sideways with a decent possibility of breaking down
  • Long term trend: A general uptrend, without much obvious buy support

XRP (XRP) had a rough Q2/Q3 period, falling under a very critical support level that had previously held since December 2017 (with a seven!) on both of its charts (BTC and USD). It has been fighting to get back above this level for months, and we may be seeing this (once ultra-)popular altcoin finally turning a corner back into an uptrend. Maybe.

We start on the daily XRP/USD chart, and note XRP’s struggle with the key resistance/support zone surrounding $0.29. XRP is making its second big attempt to crawl out from under this resistance (blue), but is getting squeezed against a more local diagonal resistance zone (red).

Squeezing above critical levelXRP chart by TradingView

It has cleared the 21 and 55 EMAs, but we generally see a lot of ambivalence here. The short term uptrend has eroded into pure sideways ranging, and the tight formation of candlesticks (magnified below) indicates a choppy sideways market.

Bars side by side, chopping upXRP chart by TradingView

Going in a bit further to investigate (below), we see that price is getting shaky at this level, about $0.29. At time of writing, XRP has just barely closed below the 55 EMA for the first time since October 25 (in fact, it’s rather too close to call), it must be said without much of a fight.

Looking pretty shaky but it might holdXRP chart by TradingView

The RSI trend is also breaking down, losing a trendline that has held for the same period. The histogram has put in a lower low, but seems to be putting in a faint up-arch.

Finally, having a quick look at the daily XRP/BTC pairing, we see more general conviction in the charts. The fourth leg of an uptrend looks to have completed, leaving an expected final wave to the upside left. This leg down was caught squarely within the ‘golden pocket’ area, above the previous swing high, in a textbook fashion.

Perfect catch at the swing highXRP chart by TradingView

We also see the histogram arching up nicely after its retracement. Volume, however, still looks pretty apathetic on this chart.

The overall theme of XRP at the moment seems to be: Not much interest either way. Perhaps all the drama with Bitcoin or newer mid-cap altcoins is stealing XRP’s lustre. On the USD chart, it is placed in a critical position of breaking through resistance and finally confirming a new uptrend. On the BTC chart, it already looks pretty okay -- even without the volume.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Featured Image Credit: Photo via Pixabay.com

XRP-Related Tweets Hit New All-Time High After 11% Rally

The number of tweets being published by users on the microblogging platform related to XRP, the fourth-largest cryptocurrency by market capitalization, has skyrocketed to a new all-time high.

The number of tweets being published by users on the microblogging platform related to XRP, the fourth-largest cryptocurrency by market capitalization, has skyrocketed to a new all-time high.

According to data from BitInfoCharts, a total of 29,143 tweets related to XRP were published on July 9. The surge saw XRP-related tweets, for the first time ever, outnumber tweets about the flagship cryptocurrency Bitcoin. The figure was also seven times above the number of tweets related to the second-largest cryptocurrency, Ethereum.

xrp tweets.pngSource: BitInfoCharts

Notably, XRP’s market cap is $8.76 billion, while that of Ethereum is $26.73 billion. Bitcoin has a market cap of $169.5 billion far above all other cryptoassets, as its total share of the cryptocurrency market is now at 62.9%.

The surge in XRP-related tweets likely came because of a significant uptick in the cryptocurrency’s price, as CryptoCompare data shows that this week had a short-lived rally that saw it go up 20% from $0.175 per coin to $0.211. Since then, it dropped back to $0.195.

xrp price.pngSource: CryptoCompare

Despite the rally, in the last 30 days, the price of XRP is still down by 2.18%. Over the last 12 months, XRP has been on a downward trend that has seen it lost 45.7% of its value. In comparison, the price of bitcoin went down 24.18% over the same period.

The rise in XRP-related tweets may also mean the once vocal Twitter community supporting the cryptocurrency – colloquially known as the XRP Army – may be back. In April of this year, a report published by The TIE/eToro pointed out that Twitter mentions of XRP were dropping.

The drop in Twitter mentions was for XRP and various other cryptoassets tracked with their market price, which was also dropping significantly. XRP’s all-time high, seen in December 2017, was $3 per coin.

Featured image via Pixabay.