The bear attack on the cryptocurrency market has intensified with several coins falling off the bullish ramp. Popular cryptocurrencies like Bitcoin [BTC] and XRP have all turned over to the bear’s side which has been marked by significant price drops.
The one-hour XRP chart shows the consistent price decline interspersed by slight bullish rises. The prices have undergone both an uptrend as well as a downtrend with the rise taking the price from $0.336 to $0.347 while the following downtrend saw the price drop from $0.368 to $0.352. The support has been holding at $0.342 while the resistance is at $0.402.
The Parabolic SAR has been predominantly bearish which is indicative of the bearish trend. This is shown by the markers staying above the price candles.
The Bollinger band, after holding a sizeable cloud, has started a convergence, a sign of the current trend ending.
The MACD indicator is holding below the histogram and has continued falling below after a bearish convergence. The MACD histogram has also displayed a bearish dip in prices.
The one-day graph paints the picture of a sustained price movement pockmarked with a single uptrend followed by drops. The uptrend had increased the prices from $0.576 while the downtrend saw the prices fall to $0.357. The long-term support has been withstanding at $0.265.
The Relative Strength Index is holding very near the overbought zone after falling from the overbought zone. The hold near the oversold zone indicates that the selling pressure is more than the buying pressure.
The Chaikin Money Flow indicator has spiked below the zero line after being above it. The fall below the axis means that the money flowing out of the market is more than the inflow.
The crypto winter has not been kind to the cryptocurrency market with all the above-mentioned indicators taking the side of the bear. XRP, which has grabbed the headlines multiple times over the past few weeks developments, has still not been able to escape the acute price slide.
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