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XRP/USD Price Analysis: No bull in sight as bearish market takes a toll on coin

Akash Anand

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XRP/USD Price Analysis: No bull in sight as bearish market takes a toll on coin
Source: Pixabay


The bear’s attacks on the cryptocurrency market continued after coin prices fell further on March 12. The entire market glowed red after a week of sporadic bearish and bullish signals. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP witnessed the price crash, which also affected their market cap and volume.

1-hour:

Source: Trading View

Source: Trading View

XRP’s one-hour chart showed continuous sideways movement as the downtrend lowered the price from $0.316 to $0.313. The immediate resistance was at $0.32, while the support was holding at $0.307.

The Bollinger bands displayed the start of a divergence, indicating a rise in the volatility of the token.

The Chaikin Money Flow indicator was above the zero-line and indicated that the capital coming into the market was higher than the capital leaving the market.

The Awesome Oscillator showed a lull in amplitude, which meant that the market momentum of the XRP market had fallen.

1-day:

Source: Trading View

Source: Trading View

The one-day chart of Bitcoin pointed to an acute downtrend that resulted in the price falling from $0.558 to $0.326. The long-term support was at $0.262.

The Parabolic SAR was above the price candles, pointing to a bearish market.

The Relative Strength Index was flattening in the middle of the graph, which meant that the selling and buying pressures were evened out.

The MACD indicator saw the signal line and the MACD line move as a conjoined pair on the axis. At the same time, the MACD histogram was almost negligible.

Conclusion:

All the above-mentioned indicators, except the CMF, sided with the bear, indicating that XRP had no bullish reprieve in the long run.





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