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

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

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

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.