The cryptocurrency market’s sideways movement has been a cause for concern for investors and users alike. Popular cryptocurrencies like Bitcoin [BTC], XRP and Ethereum [ETH] have all shown similar patterns wherein the bull has emerged as the dominant player. XRP, which has been in the news multiple times due to updates and developments has still not been able to get out of the bear pit.
The one-hour graph for XRP shows a significant downtrend that brought the price down from $0.33 to $0.31. The support has been holding at $0.32 while the resistance is at $0.34.
The Chaikin Money Flow indicator has fallen drastically to the bottom of the graph. This is a sign of the capital leaving the market being much higher than the capital coming into the market.
Compared to the previous days, the Awesome Oscillator displays a lull. The slowdown indicates that the market momentum is relatively low.
XRP’s one-day graph displays a prolonged sideways movement that has continued for more than a month. The slight uptrend lifted the price from $0.291 to $0.318. The long term support is holding at $0.263.
The Relative Strength Index has fallen near the oversold zone, which shows the increase in selling pressure over buying pressure.
The MACD indicator shows the signal line and the MACD line moving as a conjoined pair after a bearish crossover. The MACD histogram is a mix of both bearish and bullish signals.
The above-mentioned indicators all take the side of the bear with the continued sideways price movement being the biggest example of the hold. As the year progresses, investors have placed their bets on upcoming developments to witness a bullish change.
Subscribe to AMBCrypto’s Newsletter