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XRP/USD Price Analysis: Bears feast on coin as bulls abandon market

Namrata Shukla

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XRP/USD Price Analysis: Bears feast on coin as bulls abandon market
Source: Pixabay

The second largest cryptocurrency, XRP, has been going through a tough bearish phase recently. The market has been seeing a rough patch as a whole, with the only coin soaring being Stellar Lumens [XLM].

At press time, XRP was valued at $0.3125 with a market cap of $12.9 billion. The 24-hour trading volume of the token was $855 million. The coin noted a growth of 0.81% over the past day. In the last seven days, the token plunged by 1.45% and was dipping by a minuscule 0.30% over the hour, at press time.

1-hour

Source: Trading view

Source: Trading View

The one-hour chart of XRP indicated an uptrend from $0.3222 to $0.3266, followed by a downtrend from $0.3266 to $0.3200. The token drew resistance at $0.3266 and support at $0.3143.

Bollinger Bands marked a bearish trend as the moving average line aligned over the candlesticks. The bands had diverged, indicating a volatile market.

Awesome Oscillator pointed towards a weakened bearish trend.

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

1-day

Source: Trading view

Source: Trading view

According to the one-day chart of XRP, an uptrend was seen from $0.3465 to $0.5639, followed by a downtrend from $0.5821 to $0.3397. XRP marked resistance at $0.4141 and support at $0.2895.

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

MACD line was over the signal line and marked a bearish market.

Chaikin Money Flow pointed to a bearish market as the marker line remained under the zero-line.

Conclusion 

On the one-hour chart and the one-day chart, the indicators Bollinger Bands, Awesome Oscillator, Parabolic SAR, MACD, and Chaikin Money Flow forecasted a bearish reign for the coin.



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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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