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Analysis

XRP/USD Technical Analysis: Recent hike’s second biggest gainer to fall off the tightrope?

Anirudh VK

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XRP/USD Technical Analysis: Recent hike's second biggest gainer to fall off the tightrope?
Source: Unsplash

XRP was one of the biggest gainers in the market pump earlier this week, managing to trace a movement higher than most of the top cryptocurrencies. While investors find that the growth is being erased by slow market movement, the technicals seem to indicate a different story.

1 hour:
There are crucial resistance levels at $0.589, $0.546, $0.458 with $0.373 as the support. A sharp downtrend from the $0.543 – $0.459 marks was seen, with a support uptrend presenting itself at $0.399 – $0.446.

The RSI recovered from the overbought zone recently, indicating a sell signal.

The KVO is unclear after a bearish cross during the early hours of trading today.

1 day:

The Relative Vigor Index is demonstrating a bullish crossover, with the signal line crossing the MA as it moves downwards.

The Parabolic SAR is demonstrating a bearish signal, as evidenced by the presence of the dots above the candlesticks on the graph.

A long-term downtrend has presented itself from $0.894 to $0.579. Resistance levels are found at $0.898 and $0.727 for the long-term outlook. The $0.263 level exists as a support for the coin.

The levels between $0.579 and $0.508 captured most of the price movement over the last week, where XRP moved in a tight sideways movement.

Conclusion:



The bear seems to be waiting for XRP to fall into its clutches as the price finds momentum dwindling. This comes at a crucial time for the cryptocurrency market as a whole, representing the problems the price of XRP has to overcome to ensure a bullish movement.

While the indicators are showing a generally inconclusive outcome, recent sentiment in the market is riding high after the hike earlier this week. The short-term effects of this sentiment may provide the momentum required to break the barriers of sideways movement.





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Analysis

Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC] & EOS bleed as Bitcoin [BTC] falls below $5,600

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Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC], EOS [EOS] bleed out as Bitcoin [BTC] descends below $5,600
Source: Pixabay

Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.

Source: TradingView

XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.

Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.

Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.



EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.

The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.





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