The cryptocurrency market’s sudden uptrend has put a smile on the faces of users and investors as prices have shot up after an extended bear run. The top ten cryptocurrency club including Bitcoin [BTC], XRP and Ethereum [ETH] have all shot up, elevating their market cap as well as their trading volume.
XRP’s price hike is clearly visible on the charts as the trend line shows an acute climb. The uptrend caused the price to move from $0.296 to $0.3216. The support has been holding at $0.292 while the resistance is at $0.322.
The Relative Strength Index shows a market spike on the chart, breaching the overbought zone and settling just below it. This is a sign of the buying pressure being more than the selling pressure.
The Awesome Oscillator too displays a significant climb as the market momentum has been swayed by the arrival of the bulls.
The one day graph for XRP has still not taken the side of the bull as the downtrend is much more apparent. The downtrend resulted in the prices dropping from $0.516 to $0.316 while the support has been holding at $0.263.
The Chaikin Money Flow indicator shows a vertical spike to reach the zero line after which there have been sporadic bullish and bearish signals. The hold below the zero line is an indication of the capital leaving the market being more than the capital coming into the market.
The Bollinger bands have taken a constricted pipe-like shape after the majoritarian sideways movement of prices. The upper band and the lower band have started a slight divergence which means that a trend change is imminent.
The above-mentioned indicators all show XRP recovering from its bearish drudge which is evident even in the increase in market momentum. The only cause for concern is the duration of the bull run, which the signs point to being a short one.