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XRP/USD Technical Analysis: Bears take control as cryptocurrency gets beaten down

Akash Anand

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XRP/USD Technical Analysis: Bears take control as cryptocurrency gets beaten down
Source: Unsplash

As the second week of 2019 comes to a close, the cryptocurrency market has been hit by a wave of bear attacks causing the cryptocurrencies to bleed profusely. Popular coins like Bitcoin [BTC], XRP and Ethereum [ETH] struggled to recover from the onslaught as prices continue to fall. XRP, which was celebrating its partnerships with over 200 companies was severely hit with price supports coming under threat.

1-hour

The one-hour chart for XRP shows a clear picture of the crash as the red candles stand out from the rest. The downtrend that occurred brought the price down from $0.386 to $0.335, a stark contrast to the continued sideways movement of the past week. XRP’s immediate support is now at $0.332 while the resistance is holding at $0.396.

The MACD indicator has crashed to the bottom with a slight recovery in the picture. This is indicated by the bullish crossover between the signal line and the MACD line. The MACD histogram is predominantly bearish too.

The Awesome Oscillator has picked up after the market shakeup which is shown by the green markers shooting up. The increase in the marker size is directly correlated to the increase in market momentum.

1-day

XRP’s one-day graph continues to show an extended sideways price movement. The recent major downtrend resulted in the price dropping from $0.524 to $0.293. The immediate support on the long term chart is holding at $0.261.

The Chaikin Money Flow indicator is below the zero line, a pattern that has lasted for a more than a month now. The hold below the zero line states that the capital flowing out of the market is much higher than the capital that is coming in.

The Relative Strength Index for XRP is closer to the overbought zone now than what it has been for three weeks. The indicator explains that the selling pressure is more than the buying pressure in the market.

Conclusion

The above-mentioned indicators all show the might of the bear as the bull struggles to climb out of the pit. As the new year chugs along, the cryptocurrency looks likely to hold a stagnated price position for some more time.





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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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