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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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