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XRP/USD Technical Analysis: Coin burns in the fire started by the bear

Namrata Shukla

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XRP/USD Technical Analysis: Coin burns in the fire started by the bear
Source: Pixabay

The second-largest coin on CoinMarketCap, XRP has been seeing significant growth since January 14 and is still going steady. The coin underwent a sudden price hike on January 14, however, it did not last for long.

At the time of press, XRP was valued at $0.3305, with a market cap of $13.5 billion. The coin registered a 24-hour trading volume of $474 million with a mere fall of 0.68% within the past hour. The coin has been performing poorly as reflected by its seven days dip of 9.11%.

1-hour

Source: Trading view

Source: Trading view

According to the one-hour chart of the coin, the coin registered massive downtrend from $0.3860 to $0.3422. The coin registered an uptrend from $0.3367 to $0.3263 with resistance marked at $0.3429 and support marked at $0.3206.

Bollinger Bands are at a converging point, reducing the market volatility. The moving average line of the coin appears to be over the sticks, pointing towards a bearish market.

Awesome Oscillator also indicates a bearish market losing momentum.

Chaikin Money Flow has just dipped under the zero mark, indicating a bearish trend.

1-day

Source: Trading view

Source: Trading view

The one-day chart of the coin suggests an uptrend from $0.3467 to $0.5639, after which it fell from $.0.4928 to $0.3826 till $0.3116. The coin gradually went up from $0.2931 to $0.3206 and is going through constant ups and downs since. The coin registered resistance at $0.4141 and support at $0.2905.

MACD line is under the signal line, marking a bearish market. However, the MACD line might crossover the signal line anytime soon.

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

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

Conclusion

All the indicators together predict a bearish run for XRP. The coin must be the second largest but is still in competition with Ethereum [ETH, which is right under its nose and might overtake any moment, especially when it’s pumping.

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