Analysis
XRP fails to resist bearish stranglehold as token continues to register significant losses
Posted:
| Last updated: January 30th, 2024
XRP’s bearish woes in the market continued as the virtual asset slumped by 2.87 percent over the last 24 hours. At press time, XRP was valued at $0.276, with the market capitalization recorded at around $11.9 billion. XRP fell by 7.3 percent over the past week.
XRP’s trading volume was relatively healthy however, registering over a $1 billion, with the virtual currency trading the most on RightBTC exchange, which contributed around $85 million of the total volume.
XRP 1-hour chart
Source: Trading View
Resistance 1: $0.301
Resistance 2: $0.288
Support 1: $0.267
The short-term chart for XRP recorded a downtrend which stretched the token’s valuation from $0.291 to $0.267. It was followed up by a recovery which saw an uptrend from $0.267 to $0.276.
The Bollinger Bands were converging in the chart and suggested reduced volatility for the token.
The Chaikin Money Flow or CMF suggested that the money flowing out of the market was more than the money flowing in as the CMF line remained under the zero-line.
The MACD line indicated a bearish trend as the signal line hovered over the MACD line.
XRP 1-day chart
Source: Trading view
Resistance 1: $0.448
Resistance 2: $0.420
Support 1: $0.285
The long-term chart was dominantly bearish for XRP as the token experienced a major fall from $0.461 to $281, after the token registered a lucrative rise from $0.329 to $0.448. At press time, XRP had also breached its long-time support and was currently valued at a yearly-low.
The Parabolic SAR remained bearish for the token as the dotted markers remained above the candlesticks.
The Awesome Oscillator suggested that any market momentum was very weak to actually propel the token’s price.
The Relative Strength Index or RSI was close to the oversold section, after the RSI line hovered below the 40-line marker.
Conclusion
The bulls seemed to be completely absent from XRP’s price movement as the bears continued to consolidate their hold on the cryptocurrency market’s 3rd largest token.
