XRP continues sideways movement as bears block its path - AMBCrypto
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Analysis

XRP continues sideways movement as bears block its path

Biraajmaan Tamuly

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Source: Pixabay


XRP, third-largest cryptocurrency in terms of trading volume, was priced at $0.261 as its value dropped by 0.25% over the 24-hour cycle. With a market cap of $11.241 billion, XRP recorded $1.053 billion trading volume over the past 24 hours, at press time. Majority of the trading volume was generated over the BCEX exchange using XRP/USDT trading pair, according to CoinMarketCap.

1-Hour XRP Price Analysis

In the one-hour chart, XRP received support at $0.259 and $0.250. The digital asset faced resistance at $0.265. As the digital asset recorded a sharp uptrend from $0.262 to $0.265 along with a downtrend starting from $0.264 and ended at $0.261.

Source: TradingView

Source: TradingView

Parabolic SAR pointed towards the bearish trend as the dotted markers were present above the candles.

Chaikin Money Flow or CMF was positioned just above zero-line at 0.02. As it remained above the zero-line, it indicated that a significant amount of capital was flowing into the market.

The MACD line crossed above the signal line, revealing a bullish trend with a slight chance of reversal.

1-Day XRP Price Analysis

In the one-day chart, XRP formed support at $0.247. The digital asset faced resistance at $0.474. XRP recorded a sharp downtrend from $0.461 to $0.260. Previously, Ripple’s token recorded an uptrend from $0.314 to $0.459.

Source: TradingView

Source: TradingView

The Bollinger Bands were squeezing, picturing a reduced amount of volatility in the market.

Awesome Oscillator conveyed that long-term momentum was greater than the short-term momentum. With a bearish setting opportunity, the green lines appearing at the end further indicated the possibility of a bullish market ahead.

The RSI indicator stood at 43.39, displaying that selling pressure was high.

Conclusion

Charts revealed that XRP was present in the bearish zone, as exhibited by indicators.

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.