XRP/USD Price Analysis: Token’s price stumbles as bear takes the driver’s seat

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The volatility of the cryptocurrency market has been a sight to behold lately with several of the top cryptocurrencies getting stuck between the bear and the bull. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP underwent multiple ups and downs last weekend when within an hour, most of the coins in the top-10 club fell by double-digit numbers.

1-hour:

Source: Trading View

The well-like shape created on the one-hour chart of XRP is a prime example of the crypto volatility. The visible downtrend resulted in the price dropping from $0.344 to $0.327, while the support is holding at $0.303. The short-term resistance is at $0.344.

Parabolic SAR has been predominantly bearish. At press time, the markers were below the candles, indicating a bullish trend.

The Relative Strength Index has spiked towards the overbought zone. The hold near the upper level states that the buying pressure is more than the selling pressure.

The MACD line has undergone a bearish crossover. At the same time, the MACD histogram is flatlined and bearish.

1-day:

Source: Trading View

Source: Trading View

XRP’s one-day graph pointed to another bearish trend with prices falling from $0.559 to $0.33. The long-term support has been holding at $0.259.

The Chaikin Money Flow indicator is below the zero-line, which shows that capital leaving the market is much more than the capital coming into the market.

The Awesome Oscillator shows a lull in XRP sphere after holding a respectable amplitude earlier. The reduced amplitude is a sign of the reduced market momentum for XRP.

The Bollinger band has taken the shape of a constricted pipe after sideways movement got hold of the cryptocurrency. Both the upper and the lower bands show no signs of either convergence or divergence.

Conclusion:

All of the above-mentioned indicators take the side of the bear as evidenced by the lack of price outbreaks and the steady hold of sideways price movement.


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Akash Anand

Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

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