Stellar Lumens [XLM] and XRP Price Analysis: Cryptocurrencies fail to escape from bear’s wrath

click here to see original post

The price fluctuations in the cryptocurrency market have been prevalent for quite some time now, with intermittent bullish rises riling up different cryptocurrency communities. XRP, the third largest cryptocurrency has seen a lot of developments from its community, mainly because of multiple tie-ups with cryptocurrency exchanges.

Stellar Lumens [XLM] also saw subtle spikes in terms of the price after news of the IBM partnership came into the limelight.

XRP 1-day:

Source: Trading View

The one-day graph of XRP showed an unchanged downtrend that resulted in the price dropping from $0.515 to $0.319. The long-term support has been holding at $0.259.

The Parabolic SAR was above the price candles, a pattern consistent for an extended period of time now. The markers holding above the candles meant that XRP was going through a bearish atmosphere.

The MACD indicator moved as a conjoined pair on the axis. The MACD histogram was almost non-existent due to a bearish clamp.

The Relative Strength Index was in the middle of the graph, a sign of equilibrium between the selling pressure and the buying pressure.

XLM 1-day:

Source: Trading View

Source: Trading View

Stellar Lumens’ one-day chart displayed a similar atmosphere as that of the XRP chart, with the downtrend causing the price to fall from $0.277 to $0.11.

The Chaikin Money Flow indicator was above the zero-line, which meant that capital coming into the market was much more than the capital leaving the market.

The Awesome Oscillator had increased in amplitude, which was a sign of increased XLM market momentum.

The Bollinger Bands saw the upper band and the lower band moving in a parallel fashion due to sideways price movement. The size of the Bollinger cloud also reduced after a lack of price outbreaks.

Conclusion:

The above-mentioned indicators stated that XRP and XLM were both under the bear’s thumb as shown by the decreased market momentum and buying pressure.


Follow us on Telegram | Twitter | Facebook


Don’t Miss

Breaking: Bithumb loses XRP worth around $5 million; claims it was an accident involving insiders

Akash Anand

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

Share !