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XRP/USD Price Analysis: Token’s joy ride ends as bears take control

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XRP/USD Price Analysis: Token's joy ride ends as bears take control
Source: Unsplash


XRP, once the second-largest cryptocurrency [in terms of market cap], is now the third-largest cryptocurrency as Ethereum [ETH] overtook it following the recent rally.

The price of XRP, at press time, was at $0.3252 while the market cap was at $13.25 billion. A total of $729 million in trading volume can be seen in the 24-hour time frame. Most of the trade volume for XRP [i.e., $66.27 million] is coming from ZBG exchange via the trading pair XRP/USDT.

1-hour

The one-hour chart for XRP shows an uptrend which extends from $0.3047 to $0.3252. The support lines can be seen below the price candles at $0.3038 and $0.3160.

The Parabolic SAR marker has formed above the price candle, indicating a bearish move for XRP prices. In addition to the above, the one-hour chart shows a Doji candle formation, which is also a bearish sign.

The MACD indicator is in a bearish downtrend after the formation of a bearish crossover.

The Awesome Oscillator also shows that the trend for the rally has decreased and reversed as the red bars are forming below the zero-line.

1-day

The one-day chart indicates a downtrend that ranges from $0.9041 to $0.3385. An uptrend for this time frame is yet to be formed. The support line can be seen at $0.2587, while the resistance lines are seen hovering at $0.5698, $0.6880, and $0.9041.

The Aroon indicator for the one-day time frame has bounced off of the 100-line, indicating that the rally has exhausted.

The Chaikin Money Flow indicator shows that the sellers have gained momentum and that the money is flowing out of the XRP market due to overwhelming sell orders.

The Relative Strength Index shows a slightly different outlook for XRP as the RSI line is still between 75 and 50.

Conclusion

The one-hour chart indicates that the short-term rally has come to an end, which is confirmed by SAR, MACD, and Awesome Oscillator. The one-day time frame shows a bearish outlook for XRP in the longer timeframe as the Aroon and CMF indicators indicate a bearish trend.





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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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