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Analysis

XRP/USD Technical Analysis: Cryptocurrency falls back in the bear trap after bullish spike euphoria

Akash Anand

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XRP/USD Technical Analysis: Cryptocurrency falls back in the bear trap after bullish spike euphoria
Source: Unsplash

The cryptocurrency market’s behavior has been quite stagnant with investors and users being affected due to the constant bear attacks. Popular cryptocurrencies like Bitcoin [BTC], XRP and Ethereum [ETH] have all fallen in value, a situation that has not changed despite multiple updates on the network front. XRP has captured news headlines multiple times over the past few weeks due to its unrelenting push to make cryptocurrency usage mainstream.

1 hour:

The one-hour graph shows a sudden increase in value as the bear trend seems to have settled back into its groove. The support has been holding at $0.287 while the immediate resistance is at $0.339. The recent uptrend lifted the value of XRP from $0.294 to $0.34.

The Relative Strength Index shows the cryptocurrency staying near the oversold zone. This is a sign of the selling pressure being more than the buying pressure.

The Awesome Oscillator displays the pickup in market momentum as shown by the graph.

1 day:

XRP’s one-day chart does not seem to have taken the recent uptrend into account as the graph stays in the bear region.  The long term support is holding at $0.262 while the visible downtrend brought down the prices from $0.571 to $0.375.

The Chaikin Money Flow indicates a sudden spike on the graph followed by a fall. The graph is still below the zero line which is a sign of the capital leaving the market being more than the capital coming into the market.

The MACD indicator shows the signal line and the MACD line moving as a conjoined pair. The MACD histogram has also undergone a lull due to the price drops.



Conclusion:

The above-mentioned indicators have taken the side of the bear after the recent spike seems to have been nullified. As the market continues to crumble under the bear pressure, XRP still has a lot to do before escaping the bear trap completely.





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Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to push market forward

Yash Rajan

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XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to move forward
Source: Pixabay

XRP, the third largest cryptocurrency, was priced at $0.383 agfter falling 1.87% over the 24 hours, according to CoinMarketCap. XRP held a market cap of $16.121 billion and registered $1.29 billion in 24-hour trading volume for XRP.

At press time, Stellar Lumens [XLM] was priced at $0.125, after falling 1.56% over the past 24 hours. It stood ninth on the top 10 list with a market cap of $19.302 billion and $844.41 million in 24-hour trading volume.

1-Day XRP

XRP saw an uptrend from $0.331 to $0.461 and a downtrend from $0.461 to $0.388. Resistances were at $0.458 and $0.420. Support lines were located at $0.371 and $0.285.

Source: TradingView

Source: TradingView

Parabolic SAR presented a bearish trend as the markers were above the candles.

Moving Average Convergence/Divergence [MACD] indicator was undergoing a bearish crossover.

Relative Strength Index showed a relatively overbought status for the coin.

1-Day XLM

On the one-day XLM chart, the resistance line stood at $0.143 and the support lines stood at $0.115 and $0.091. It saw an uptrend from $0.133 to $0.141. XLM also saw a downtrend from $0.142 to $0.125.

Source: TradingView

Source: TradingView

Bollinger Bands displayed an increase in volatility in the market as the bands were diverging.

Awesome Oscillator presented a bullish buying opportunity.

Chaikin Money Flow indicator was above the zero-line, indicating that money was flowing into the market.



Conclusion

XRP saw a fusion of bullish and bearish trends while XLM sides with the bulls after being stalled by bears for the past one month.





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