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XRP/USD Technical Analysis: Bear attack leaves the coin limping

Namrata Shukla

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XRP/USD Technical Analysis: Bear attack leaves the coin limping
Source: Pixabay


The cryptocurrency market has fallen prey to the angry bear and has been falling. XRP, the second largest coin on the CoinMarketCap list, has fallen by over 5% in the past day and is seen limping its way to a probable recovery.

At the time of press, the coin was valued at $0.2915 with a market cap of $12 billion. The coin reported a 24-hour trading volume of $452 million with a leap of 5.95% over the past day. The market doesn’t look good for the coin, as in the past day the coin has plunged by 8.87% and is still falling by 2%.

1-hour

Source: Trading View

Source: Trading View

XRP reported a massive downtrend in the one hour chart, which started from $0.3184 to $0.2935 with no significant uptrend in the vicinity. The coin marked resistance at $0.3020 and support at $0.2935.

Awesome Oscillator indicates a strong bearish market.

Bollinger Bands shows the market volatility is high as the bands have diverged. The moving average line is over the candlesticks pointing toward the bear’s reign.

Chaikin Money Flow also points toward the bearish market as the marker is under zero.

1-day

Source: Trading View

Source: Trading View

The one day chart of the coin noted a significant uptrend from $0.4467 to $0.5736. The coin plunged after that and a downtrend was marked from $0.3826 to $0.2932 with resistance marked at $0.3754. The coin noted strong support at $0.2931.

Parabolic SAR indicates a bearish market as the markers have aligned above the candlesticks.

MACD line is under the signal line after undergoing a recent crossover changing the market into a bearish one.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion

As the bear has hit the market with force, all the indicators predict a bearish trend. The coin has been suffering from January 27 and is still trying to fight the vermilion market.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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