XRP/USD Price Analysis: Coin walks a tight rope as bears wait for deadly fall

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The cryptocurrency market has been seeing a sideways movement for the past few days. XRP, the second largest coin on the CoinMarketCap list, followed a similar trend as it noted minimal growth and a subsequent fall.

At the press time, XRP was valued at $0.3140 with a market cap of $12.9 billion. The coin noted a 24-hour trading volume of $680 million while observing a fall by 0.97% over the past day. The coin has plunged by 4.15% over the past week and is registering a minimal growth of 0.07% over the past hour.

1-hour

Source: Trading view

The one-hour chart of the coin marked an uptrend from $0.3268 to $0.3483, followed by a downtrend from $0.3445 t0 $0.3212. The coin drew resistance at $0.3254 and support at $0.3111.

Bollinger Bands have now diverged, increasing the volatility of the market. The moving average line was also under the candlesticks, pointing towards a bearish market.

Awesome Oscillator marked a weakened bullish momentum.

Chaikin Money Flow pointed towards a bullish market as the marker was above the zero-line.

1-day

Source: Trading view

Source: Trading view

The one-day chart of the coin marked an uptrend from $0.2707 to $0.4785, which was followed by a similar downtrend in the price of the coin. The downtrend was marked from $0.5551 to $0.3397. The coin traced a resistance at $0.4140 and support at $0.2926.

Parabolic SAR forecasted a bearish market as the markers had aligned above the candles.

MACD line was over the signal line, pointing towards a bullish market.

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

Conclusion

According to a majority of indicators, i.e, Awesome Oscillator, Chaikin Money Flow, and MACD, a bullish market is forecast for the coin. However, Bollinger Bands and Parabolic SAR have predicted a bearish 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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