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Analysis

XRP price defends itself from the bears as value stabilizes

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Source: Unsplash

After breaching $0.28385 resistance on the 16th, XRP price bounced back down between $0.25010 and $0.28385, currently valued at $0.26908. The recorded market cap at press time was around $11.63 billion and the 24h volume was $1.67 billion, having experienced a 1.98% fall in the last day. The XRP token was traded the most on the MXC exchange, responsible for 5.66% of the overall trade.

Source: CoinStats

1-hour chart

Source: TradingView

Resistance 1: $0.28644
Resistance 2: 0.29786
Support 1: $0.26658

The short term chart of XRP witnessed a downtrend which stretched the valuation from Resistance 1 to Support 1 in 24 hours.

Chaikin Money Flow indicated a strong market, with more accumulation than distribution, with a chance of reversal

Awesome Oscillator exhibited the appearance of green with weak bullish momentum and the short-term period trending lower than the longer-term period.

The diverging of the Bollinger Bands show that price volatility is higher than before.

1-day chart

Source: TradingView

Resistance 1: $0.28385
Resistance 2: $0.40996
Support 1: $0.25010

The long term chart indicated that the price of XRP had been oscillating between Resistance 1 and Support 1 for over a month, breaching Resistance 1 briefly for around a week before stabilizing back under it.

Relative Strength Index indicates neither oversold nor overbought, moving just below the 50 line after recently having breached the 70 line.

Parabolic SAR suggests the start of a bearish market, as it crosses over from under the candles.

MACD indicated weak bullish momentum, with the signal line just hovering over the MACD line.

Conclusion

XRP looks to be slightly bearish in the short term, with high price volatility, while the long term chart also indicates a weak bearish momentum.

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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.