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Analysis

XRP and XLM Price Analysis: Rival coins show bearish pressure of slightly different magnitudes

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XRP and XLM Price Analysis: Rival coins show bearish pressure of slightly different magnitude
Source: Unsplash

XRP and XLM became rivals ever since IBM and Stellar launched World Wire, a direct competitor to Ripple’s xRapid. However, the prices of XRP and XLM seemed to be stagnating.

The price of XRP dropped by approximately 7% over four days and broke two major supports. XLM dropped by 11% in the same timeframe and also broke its immediate supports.

At press time, the 24-hour price change showed that XRP was down by 1.92% and that XLM was down by a massive 5.10%.

The price of XRP was $0.3038, with a market cap of $12.62 billion. The price of XLM was $0.10, with a market cap of $1.92 billion.

XRP

Source: TradingView

Support 1: $0.3069
Support 2: $0.2587
Resistance 1: $0.5836
Resistance 2: $0.6880
Resistance 3: $0.9041

The Aroon indicator showed a rising downtrend, suggesting a bearish pressure looming over XRP.

The CMF was below the zero-line, which also indicated a bearish pressure and an outflow of money.

The Relative Strength Index showed a dipping line, indicating buyers’ waning momentum.

XLM

Source: TradingView

Support 1: $0.0964
Support 2: $0.0742
Resistance 1: $0.1239
Resistance 2: $0.1901
Resistance 3: $0.2796

The Aroon indicator showed a declining uptrend, while the downtrend showed complete exhaustion. This suggested a consolidation in play.

The CMF indicator pictured declining money influx into the XLM market.

The Relative Strength Index for XLM was similar to that of XRP, with the buyers’ momentum waning.



Conclusion

Strong bearish pressure was seen for XRP in the daily chart, as indicated by Aroon, CMF, and RSI indicators. The XLM daily chart showed a slightly bullish trend owing to the projections made by its indicators.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Analysis

Ethereum [ETH] and Tron [TRX] Price Analysis: ETH and TRX bulls race to the top

Yash Rajan

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Ethereum [ETH] and Tron [TRX] Price Analysis: ETH and TRX bulls race to the top
Source: Pixabay

Ethereum [ETH], the second largest cryptocurrency on CoinMarketCap, was priced at $249.71, at press time. The market cap of ETH was $26.5 billion, with the coin falling by 2.62% over 24 hours. At press time, the 24-hour trading volume was just over $11 billion.

With $1.87 billion in market cap, TRX was ranked eleventh and was priced at $0.02, at press time. The 24-hour trading volume was $692.92 million, with the coin falling by 3.87% in value, at press time.

1-Day ETH

ETH saw resistance at $266.14, and its support lines were traced at $150.45 and $104.64. There was an uptrend extending from $153.89 to $261.56. ETH strengthened its value by experiencing a hike in price and retaining continuous growth for the past two weeks.

Source: TradingView

Source: TradingView

Bollinger Bands were diverging and showcased an increase in volatility in the market. As the moving average line was below the candlesticks, a bullish trend was forecast.

Awesome Oscillator conveyed a bullish buying opportunity as the short-term momentum was rising swiftly.

Chaikin Money Flow indicator revealed that the amount of money flowing into the market was greater than the money flowing out of the market.

1-Day TRX

The resistance stood at $0.03 and the support lines stood at $0.02 and $0.01 for TRX. TRX saw its first uptrend from $0.026 to $ 0.031, and the second uptrend was from $0.024 to $0.034.

Source: TradingView

Source: TradingView

Moving Average Convergence/Divergence [MACD] indicator pictured a bullish crossover.

Parabolic SAR indicator conveyed a bullish trend as the dotted markers were traced below the candlesticks

Relative Strength Index indicator showed bullish divergence due to the oversold condition of the market.



Conclusion

The coins were strengthened by the bullish market trend. All indicators showed both coins recording steady and forward movement.





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