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XRP/USD Technical Analysis: Bear’s growl scares bulls away

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XRP/USD Technical Analysis: Bbear's growl scares bulls away
Source: Unsplash

XRP has overtaken Ethereum [ETH] and become the second-largest cryptocurrency with its market cap $14 billion. The prices have collapsed below their supports and are currently trading at $0.35.

The 24-hour trading volume for XRP can be seen hanging at $778 million which is an increase of $100 million in a couple of hours. Most of the trading volume for XRP comes from Upbit,  a Korean Exchange which contributes a whopping $70 million via trading pair XRP/KRW.

1-hour

Source: TradingView

The one-hour chart for XRP shows that uptrend that existed for a few days has vanished completely, without a trace due to today’s massive crash which is still on-going. The downtrend, however, extends from $0.39 to $0.35. The support at $0.358 has been breached and a new support at $0.348 has been created. The resistance point at $0.39 is holding strong.

The Aroon indicator shows a dominance of the downtrend as the Aroon red line has hit the 100-line, while the Aroon green line has bottomed indicating that the uptrend has vanished.

The Stochastic indicator shows a bearish crossover that is still under play in the oversold zone.

The Chaikin Money Flow has collapsed as well indicating that money for the XRP market that is flowing out is far greater than money flowing into the market i.e, the buyers have lost control of the market.

1-day

Source: TradingView

The uptrend for XRP extends from $0.29 to $0.36, while the downtrend extends from $0.90 to $0.37. The support at $0.26 while the resistance points are holding steady at $0.58, $0.68, and $0.90.

The Parabolic SAR indicator shows an obvious bearish trend for XRP’s prices as the markers is formed above the price candles.

The MACD indicator that was steadily rising in a bullish crossover has failed and is now undergoing a bearish crossover.

The Awesome Oscillator shows the transition of green bars into red, which indicates that the prices are decreasing in a bearish trend.

Conclusion

The Aroon, Stochastic and the CMF indicators, indicate a bearish trend for XRP markets during the flash crash. The one-day shows a bearish trend as well as indicated by SAR, MACD and AO indicators.





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Altcoins

Tron [TRX] surges by over 6% as token storms back into the top 10

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Tron [TRX] price surges by over 6% as token back in top 10 as bulls take control
Source: Pixabay

Tron’s [TRX] price was surging, even as the cryptocurrency market cooled down following a brief rally anchored by Bitcoin [BTC]. The collective market cap stood at $324 billion. Following the surge, the token was back among the top 10 coins of the cryptocurrency market, a month after CEO Justin Sun promised the same. His tweet had said,

“#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let’s wait and see! #BTT $BTT $TRX #TRX”

However, despite the fact that Tron’s native token was prospering, BitTorrent [BTT] was still down at the 35th position on CoinMarketCap.

Despite low trading volume lately, TRX gradually climbed to break its resistance at $0.035. The latest bullish swing was speculated to lead TRX to breach the much-awaited $0.04 resistance.

Tron’s climb up the charts and into the top 10 is a surprise for some, especially since Tron overtook Cardano. The Charles Hoskinson-led crypto is still on a high after recent updates in its ecosystem, including the Shelly testnet going live.

Tron however, has not being standing idly. Recently, CEO Justin Sun revealed that Tron’s DApp trading volumes has exceeded those of EOS and Ethereum. Further, the Tron Foundation recently released a version of the Odyssey update on its mainnet. Further, Tron’s blockchain saw the release of a USD-backed stablecoin by Carbon recently.

Tron [TRX] 1-hour chart

Source: TradingView

Tron was up by 6.40% over the past 24 hours, driving its valuation to $0.039. Additionally, the digital asset rose by 3.7% over the last hour, at press time. TRX registered a market cap of $2.58 billion and a 24-hour trading volume of $900 million. The exchange with the highest TRX trading volume was BW.com, contributing 9.52% to the volume via the TRX/USDT trading pair.





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