XRP/USD Price Analysis: Bears continue to attack the coin as Coinbase lists XRP

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The cryptocurrency market was shaken by the ravaging bear, causing a major price drop. XRP, the third largest coin on the CoinMarketCap list also fell prey to the bear’s attack.

At press time, the third largest coin was valued at $0.3183 with a market cap of $13 billion. The coin noted a 24-hour trading volume of $1 billion, with a 4.76% growth over the past day. However, the falling coin plunged by 3.94% over the week and was falling by 0.55% over the past hour, at press time.

1-hour

Source: TradingView

The coin marked downtrend from $0.3065 to $0.3277, which was followed by an uptrend from $0.3107 to $0.3444. The coin drew resistance at $0.3445 and support at $0.3043.

Bollinger Bands were converging while the moving average line was over the candlesticks. This indicated a bearish market.

Awesome Oscillator also indicated that the bear was losing its grip.

Chaikin Money Flow reflected a bullish market as the marker was above the zero mark.

1-day

Source: Trading view

Source: TradingView

According to the coin’s one-day chart, an uptrend was marked from $0.2707 to $0.4831, which was followed by a downtrend from $0.5551 to $0.3397. The coin noted resistance at $0.4141 and support at $0.2906.

Parabolic SAR pointed towards a bearish market as the markers were aligned above the candlesticks.

MACD line was over the signal line, marking a bullish trend.

Relative Strength Index indicated that the buying and selling pressures evened each other out.

Conclusion

According to a majority of the indicators like Bollinger Bands, Awesome Oscillator, and Parabolic SAR, the market was predicted to be bearish. However, Chaikin Money Flow and MACD forecast a bullish market.


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Namrata Shukla

Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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