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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 writer at AMBCrypto and a part-time novice trader.

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