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XRP/USD Technical Analysis: Bear chases down the coin

Namrata Shukla

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XRP/USDT Technical Analysis: Bear chases down the coin
Source: Pixabay

The cryptocurrency market has been on a roller coaster ride for the past few days and has not seen a long-lasting trend. The second largest cryptocurrency, XRP has been facing the bears too. Recently, it took back its second position from Ethereum [ETH] and has been trying hard to maintain it.

At the time of press, the cryptocurrency was valued at $0.3278 with a market cap of $3.4 billion. The coin registered a 24-hour trade volume of $437 million with a fall of 0.88% over the past 24 hours. The coin has been falling for a long time and has registered a fall of 7.82% over the past week.

1-hour

Source: Trading view

Source: Trading view

The one hour chart of the coin reported a downtrend from $0.3494 to $0.3379, after which it reported an uptrend from $0.3228 to $0.3426. Later, the coin fell from $0.3429 to $0.3376. The coin had a marked resistance at $0.3374 and support was noted at $0.3272.

Bollinger Bands appear to be at a converging point and the moving average line is seen above the candlesticks pointing towards a bearish market.

Awesome Oscillator also indicates a bearish market losing momentum.

Chaikin Money Flow is seen right above the zero, marking a bullish trend.

1-day

Source: Trading view

Source: Trading view

According to the one day chart of the coin, an uptrend is observed from $0.3680 to $0.5736, but the coin plunged after the rise. The coin fell from $0.5551 to $0.5736 marking resistance at $0.3680. The coin was offered immediate support at $0.3216, where another support was observed at $0.2906.

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

MACD line is under the signal line, pointing towards a bearish market.

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



Conclusion 

As per the indicators Bollinger Bands, Awesome Oscillator, Parabolic SAR, and MACD, the market prediction is a bearish.





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Analysis

Litecoin [LTC] smashes $100 valuation for the second time this year

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Litecoin [LTC] smashes $100 valuation; twice in the same year
Source: Pixabay

Litecoin [LTC] posted massive gains and came out as the biggest winner among altcoins as the week came to an end. The digital coin led the altcoin pack towards another bull run.

The latest pump, however, drove the crypto-asset’s price over $100-mark for the second time this year. Subsequently, the silver coin took over EOS to secure its position as the fifth largest crypto-asset by market cap.

As the crypto market started embracing green, many analysts in the space are of the opinion that the “altseason is upon us”. With the latest upswing, LTC became the fourth coin in the top ten with a three-digit valuation after Bitcoin [BTC], Ethereum [ETH], and Bitcoin Cash [BCH].

Source: TradingView

At press time, the coin was priced at $103.4 after surging by 7.93% over the last 24 hours. LTC registered a market cap of $6.40 billion and a 24-hour trading volume of $6.14 billion. Additionally, the digital coin rallied by 17.52% over the past week.

Litecoin was trading highest on Coineal via the trading pair LTC/BTC, accounting for a volume of 11.98%. The crypto-asset exchange was followed by EXX, which held 8.48% of the trading volume via LTC/USDT.



The upcoming Litecoin second halving event, scheduled for August 2019, and institutional adoption of the crypto were attributed to the series of bull domination this year.

Litecoin crashed soon after June 2018 and hit the lowest point at $30 earlier this year. The coin’s market recovery was resisted by bears as it was juggling within the range of $85-$90 before breaking the much-anticipated $100-mark.





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