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Analysis

XRP/USD Price Analysis: Bears pin down token as bulls flee market

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XRP/USD Price Analysis: The bears pin XRP down, while bulls flee the scene
Source: Pixabay

XRP has been stuck in the $0.31 and $0.32 range, bouncing between the immediate support and resistance. The price has been below the $0.40 range for over five months and shows no signs of an escape.

The price of XRP, at press time, was $0.31846, while the market cap was hovering at $13.025 billion. The 24-hour price change was a negative 1.32%. ZBG exchange provided a total of $81 million in trading volume via XRP/USDT pair, which is 10.16% of the total trading volume [$704 million].

1-hour

Source: TradingView

The uptrend for XRP extended from $0.3074 to $0.3180, while the downtrend ranged from $0.3486 to $0.3260. The support at $0.3160 for XRP was seen holding the prices. The resistance point at $0.3260 was strong and was preventing the price from hiking.

The Parabolic SAR markers formed above the price candles on March 07 and indicated that a reversal had just happened. The downtrend was continuously progressing.

The MACD indicator showed a bearish pressure building up for XRP due to a bearish crossover.

The Awesome Oscillator showed a decrease in the momentum of the uptrend and also showed an increase in the momentum of the downtrend.

1-day

Source: TradingView

The one-day chart showed a sideways movement of prices without any massive fluctuations. The downtrend extended from $0.9027 to $0.3385. The long-term support at $0.2587 was holding steady and so were the resistance points at $0.5836, $0.6880, and $0.9027.

The Aroon indicator showed a collapsed downtrend while the Aroon green line, which indicated the strength of the uptrend, was trying to get back up.

The Chaikin Money Flow line was sub-zero at press time and indicated a money outflux for XRP.

The Relative Strength Index showed that the momentum was lost as the RSI line was at the 50-mark. This indicated that the XRP market was dominated by sellers.



Conclusion

The SAR, MACD, and the AO indicators showed a bearish pressure building up in the shorter time frame. The one-day chart showed a slight bullish scenario as indicated by the Aroon indicator. The CMF and the RSI indicated a stagnated market for XRP.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

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Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





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