XRP's momentum slows down as bears take a bite at the digital asset - AMBCrypto
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XRP’s momentum slows down as bears take a bite at the digital asset

Biraajmaan Tamuly

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Source: Pixabay

XRP, third-biggest digital currency as far as trading volume is concerned, was evaluated at $0.256 as its price hiked by 0.471% over the 24-hour cycle. With a market top of $11.046 billion, XRP recorded $958.574 million exchanging volume in the course of recent 24 hours, at press time. The dominant part of the exchanging volume was produced over the BCEX trade exchange utilizing XRP/USDT pair, as per CoinMarketCap.

1-Hour XRP

In the 1-hour chart, XRP faced resistance at $0.264 in addition to getting support at $0.250. The digital asset saw an uptrend from $0.262 to $0.265. XRP also underwent two sharp downtrends. The first downtrend from $0.264 to $0.261 an the second uptrend started from $0.262 and ended at $0.253.

Source: TradingView

Source: TradingView

Bollinger Bands were squeezing, displaying that volatility reduced in the market.

Awesome Oscillator presented a bearish trend in the market as the long-term momentum was greater than the short-term momentum. The green lines appearing at the end indicated the possibility of a bullish market latterly.

The RSI indicator stood at 48.12, exhibiting that selling pressure was high.

1-Day XRP

In the one-day chart, XRP formed support at $0.250. The digital asset faced resistance at $0.475. XRP recorded a sharp downtrend from $0.473 to $0.255. Previously, Ripple’s token recorded an uptrend from $0.328 to $0.458.

Source: TradingView

Source: TradingView

Parabolic SAR conveyed a bearish trend as the dotted markers were present above the candles.

The MACD line crossed above the signal line, revealing a bullish trend with a slight chance of reversal.

The RSI indicator stood at 37.10, displaying that selling pressure was high.

Conclusion

XRP was in the bearish zone, as exhibited by indicators.

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.