In the past week, XRP, the third-largest cryptocurrency on CoinMarketCap, has experienced much turbulence in the market. As the adoption of xRapid progressed with big institutions joining in, the market value of XRP also took a flight to reflect the success.
However, the token has returned to the bearish zone as of now. At press time, XRP was down by 4.22%, trading at $0.5 with a market cap of $20.4 billion. The total trading volume was recorded at $640.9 million.
In the one-hour scenario of XRP candlesticks, the uptrend is stretching from $0.46 to $0.51 whereas the resistance level is set at $0.55, which is an immediate resistance formed after breaking multiple levels in the previous rally. The coin saw a major uptrend, as depicted in the chart.
The Parabolic SAR is flashing the red sign at the XRP market. The dots are aligned directly above the candles to side with the bear’s agony.
The MACD is running bearish on the price trend as well. The reading line is running below the signal, crashing every time it makes contact with the signal for a bullish crossover.
The Chaikin Money Flow is also floating below the 0-mark. Despite the indicator being bearish, it is struggling to make its way up to the bullish zone.
The one-day XRP chart shows the trendlines extending from $0.27 to $0.45 [uptrend] and $0.58 to $0.55 [downtrend]. There is still time for the price to experience concentration in order to cause a breakout in the price trend.
The Bollinger Bands are depicting a volatile market for the coin. The bands are widening, giving space for price fluctuation to take place.
The RSI hit the ceiling and made contact with the overbought zone. However, the indicator is currently moving downwards and suspects a bearish run for the market.
The Klinger Oscillator made a bullish crossover by the signal. At present, the indicator is returning home to the bear’s den as it approaches a downhill walk.
In the technical analysis, the majority of indicators are bearish on the price run for XRP after being bullish previously. However, a major fallback is not expected as the market is mildly volatile and a price trend breakout may not occur soon.
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