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XRP/USD Technical Analysis: Market suffocates cryptocurrency as prices remain unchanged

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Market suffocates cryptocurrency as prices remain unchanged
Source: Unsplash

The cryptocurrency market’s volatile nature has been prolonged with a majority of the top coins suffering the same fate. Cryptocurrencies like Bitcoin [BTC], XRP and Ethereum have been going through a mixed phase of bullish and bearish trends, sometimes taking the side of the bull for a longer time. XRP, at the time of writing, had a bearish undertone, which was reflected by most of the other cryptocurrencies too.

1-hour:

XRP’s one-hour graph paints the picture of a cryptocurrency undergoing sideways movement as a result of the unmoving market. XRP’s immediate support has been holding at $$0.318 while the resistance is at $0.343. The downtrend brought the prices down from $0.337 to $0.322.

The Relative Strength Index shows the graph staying in the middle of the overbought zone and the oversold zone. The hold in the middle is a sign of a relative equilibrium between the buying pressure and the selling pressure.

The MACD indicator comprises of the signal line and the MACD line moving as a conjoined pair after a bearish turn. The MACD histogram, on the other hand, is a mix of both bearish and bullish signals.

1-day:

The one-day graph for XRP bears a resemblance to the one-hour graph as both shows sideways price movement. The long-term support is currently at $0.262 while the recent downtrend resulted in the price falling to $0.374 from $0.515.

The Chaikin Money Flow indicator has taken a steep dip below the zero line. This is a sign of the capital leaving the market increasing in momentum compared to the capital coming into the market.

The Awesome Oscillator has shown a dip in its graph when placed side by side with the other time periods. The lull in the graph signifies the lack of market momentum.

Conclusion:

The above-mentioned indicators all point to a bear regime, with an extended bear run predicted. As the investor sentiment sours due to the unmoving market, proponents of the field expectantly wait for the market to go green before recording the longest bear market in the history of cryptocurrencies.



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

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