Insights for the Asian Crypto trading session Monday 18/03/19
BTC/USD: Bitcoin finally breaks $4,000 resistance
ETH/USD: Ethereum bulls take control, price back above $140
XRP/USD: Bulls take advantage as XRP crawls towards $0.32 cents
LTC/USD: Litecoin jumps 10% as relentless bulls continue rally
EOS/USD: EOS back above $3.80, bears lose control
XRP/USD Technical Analysis: Positive price action on low volumes, is the market losing interest in Ripple?
XRP/USD 24 hour volumes on the decline, consistently lowest turnover in top 5 assets by market cap
Daily price action has crept above long running downward trending resistance l
MACD shows the price action has very low volatility and momentum
XRP/USD Daily chart:
XRP/USD: On the daily chart, price action has crept above a long running downward trendline with short term resistance seen toward $0.3250 which the bulls need to breach to generate some upside momentum. The daily MACD is showing that the market has very low volatility and momentum and when combined with the fact that average daily volume has been averaging close to 500 million, which is some 1 billion below XRP’s nearest peers in the top 5 market cap raises the question is the market losing interest in Ripple or is there a large overhang of bag holders from higher levels which is preventing this asset from moving higher? Either way time will tell, perhaps a move above $0.35 cents is need to encourage fresh buyers into XRP and generate some momentum.
Daily Technical Analysis Summary: Buy
Moving Averages: Buy
Support 1: $0.3275
Support 2: $0.3250
Resistance 1: $0.3170
Resistance 2: $0.3130
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