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Analysis

XRP and Stellar Lumens [XLM] Price Analysis: Tokens fall prey to bear’s fury as market falls

Biraajmaan Tamuly

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Source: Pixabay

XRP and Stellar Lumens [XLM] collectively fell prey to the bear trap as the tokens plummeted massively in valuation. At press time, XRP suffered an 8.30 percent decline in growth and the token was priced at $0.299. The market capitalization also took a hit, slumping down to $12.54 billion.

XLM suffered a similar fate after it experienced a decline of 7.64 percent against the US Dollar. The trade volume garnered was around $249 million and the token was valued at $0.104.

XRP one-day chart

Source: Trading View

XRP’s one-day chart showed that the token underwent sideways movement between the resistance line of $0.367 and $0.291. The uptrend extended from $0.326 to $0.3654 and the downtrend followed, devaluing the token from $0.3659 to $0.324.

The Bollinger Bands indicated a volatile period for the token as the bands were diverging in the market.

The Fisher Transform line exhibited a bearish trend for the token as the red line remained above the blue line.

The MACD line also pointed towards a bearish trend as the blue line hovered under the red line.

XLM one-day chart

Source: Trading View

XLM’s one-day chart exhibited a major uptrend, extending from $0.088 to $0.1331. The improved valuation took a hit as the price plummeted from $0.1351 to $0.1181. The resistance line remained at $0.135 and the support line was scaled at $0.074.

The Parabolic SAR indicated a bearish trend for the token.

The Relative Strength Index remained neutral, but the selling pressure slightly dominated the buying pressure.

The Chaikin Money Flow line was under the zero line, indicating that the capital entering the market was minimal.



Conclusion

All the aforementioned indicators suggested that the tokens were in for a bearish trend in the near future.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

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Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





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