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Analysis

XRP Price Analysis: Coin falls prey to bears as bulls leave coin market

Namrata Shukla

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XRP Price Analysis: Coin falls prey to the bears as the bulls leave the market
Source: Pixabay


XRP, the third largest coin on CoinMarketCap, witnessed a bear attack and has been since, trying to recover from it.

At press time, the token was valued at $0.3160, with a market cap of $13.09 billion. The token reported a 24-hour trading volume of $651 million, while it fell by 0.22% over the past day. In the past seven days, XRP noted a rise in price by 2.14%, but dipped by a minimal 0.09% within an hour.

1-hour

Source: Trading view

Source: TradingView

The one-hour chart for the token marked a minimal uptrend in the price of the coin, from $0.3144 to $0.3195. XRP’s price started falling from $0.3279 to $0.3251, and the token noted resistance at $0.3252. Support was noted at $0.3195.

Bollinger Bands appeared to be converging, indicating a low volatility market. The moving average line of the token was above the candlesticks, marking a bearish market.

Awesome Oscillator marked growing bearish momentum.

Chaikin Money Flow, however, marked a bullish trend for the coin, as the marker line was above the zero mark.

1-day

Source: Trading view

Source: TradingView

According to the one-day chart, a massive downtrend was traced from $0.5821 to $0.3251. The token registered a minimal rise in price from $0.2630 to $0.2926, while noting resistance at $0.3397. The coin met with another resistance at $0.4141, and support at $0.2926.

Parabolic SAR marked a bearish market as the markers were aligned above the candlesticks.

MACD line was above the signal line, marking a bull’s market.

Relative Strength Index indicated that the buying and the selling pressures evened each other out.

Conclusion

According to a majority of the indicators like Bollinger Bands, Awesome Oscillator, and Parabolic SAR, a bearish reign was forecast for XRP.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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