A considerably volatile cryptocurrency market has been active for quite some time now, with several popular coins like Bitcoin [BTC], Ethereum [ETH] and XRP suffering the brunt of the bear. XRP and Stellar Lumens [XLM] have been engaged in a race for technological prowess with multiple updates and developments coming in from both the teams. XRP, the third largest cryptocurrency in the market was listed on several exchanges recently, while XLM received a massive boost post the IBM partnership and World Wire announcement.
The one-day chart of XRP showed a downtrend that lowered the price from $0.515 to $0.326. The long-term support was at $0.259.
The Parabolic SAR was above the price candles, which was a sign of the cryptocurrency going through a bearish atmosphere.
The MACD indicator was almost flat as the signal line and the MACD line moved as a conjoined pair. The MACD histogram was almost negligible.
The Relative Strength Index was closer to the oversold zone than the overbought zone, which meant that the selling pressure was higher than the buying pressure for XRP.
Stellar Lumens’ one-day chart displayed a similar trend to that of XRP as the price fell from $0.277 to $0.088. The long-term support for XLM was at $0.0729.
The Bollinger bands converged after a slight increase in the size of the Bollinger cloud. This was because of a sudden bullish price outbreak.
The Chaikin Money Flow indicator was above the zero-line due to the capital coming into the market being more than the capital leaving the market.
The Awesome Oscillator intensity picked up on the graph and signified that the market momentum of the XLM market had picked up.
The above-mentioned indicators stated that despite the developments from both the cryptocurrencies, the bear crunch was too significant for the prices to not buckle.
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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.