Connect with us

Analysis

XRP/USD Technical Analysis: Bear still seems to have strong hold on the coin

Namrata Shukla

Published

on

Source: Pixabay

The cryptocurrency market may not be surging, but is not plunging much either. However, at the time of press, the second largest coin XRP is trying to maintain a foot on the green pastures.

The coin was valued at $0.3181 with a market cap of $13 billion. The coin reported a 24-hour trade volume of $422 million with a growth of 0.56% in the past day. The coin has plunged in the past seven days by 3.39% but is on the path to recovery as it notes a growth by 0.06% in the past hour.

1-hour

Source: Trading View

Source: Trading View

The one hour chart of XRP indicates an uptrend from $0.3344 to $0.3394, which further turns to a downtrend that starts from $0.3394 to $0.3256. The coin marks an uptrend from $0.3185 to $0.3227. The coin marked resistance at $0.3256 and marked strong support at $0.3185.

Bollinger Bands appears to be at a point of convergence, slowly decreasing the market volatility. The moving average line is over the candlesticks, marking a bearish market.

Awesome Oscillator indicates a bearish market losing momentum.

Chaikin Money Flow, on the other hand, marks a bullish trend as the marker is above zero.

1-day

Source: Trading view

Source: Trading view

Considering the one day chart of the coin, an uptrend is visible from $0.2684 to $0.4831 but is followed by a downtrend from $0.3826 to $0.2906. Whereas a second downtrend is observed from $0.5158 to $0.3754. The resistance is marked at $0.4141 and support is marked at $0.2906.

Parabolic SAR makers a bearish market, as the markers have aligned above the candles.

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

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

Conclusion 

As per the indicators, Bollinger Bands and Chaikin Money Flow, a bullish market is predicted. However, going by the majority of indicators like Awesome Oscillators, Parabolic SAR, and MACD, a bearish trend may continue.

Advertisement
Advertisement

Trending

Subscribe to AMBCrypto's Newsletter