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XRP/USD Price Analysis: Cryptocurrency tries to break free from bear’s prison in the short-term


XRP’s price movement was plagued by severe bearish hits that resulted in the cryptocurrency falling behind Ethereum [ETH]. Other popular cryptocurrencies like Bitcoin [BTC] and Bitcoin Cash [BCH] were also affected by this price crunch that in turn, affected the market cap as well as the market volume.

1 hour

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Source: TradingView

Source: TradingView

The one-hour chart for XRP showed a clear downtrend that caused the price to fall from $0.344 to $0.323. The support was holding at $0.303 while the immediate resistance was at $0.349.

The Parabolic SAR was below the price candles, indicating a bullish run. Previously, XRP had mainly seen a mix of both bearish and bullish signals.

The Chaikin Money Flow indicator was just below the zero line, a sign of the capital leaving the market being slightly more than the capital coming into the market.

The Awesome Oscillator showed a slightly decreased amplitude. The lower amplitude indicated that the market momentum had dropped from its earlier highs.

1 day

Source: TradingView

Source: TradingView

XRP’s one-day chart displayed a similar trend to that of the one-hour chart as the downtrend resulted in the price dropping from $0.557 to $0.315. The long term support was at $0.2651.

The Bollinger bands showed the upper band and the lower band moving parallelly. The lack of price outbreaks was a result of the continued sideways movement of the market.

The Relative Strength Index was right in the middle of the graph, indicating that the selling pressure and the buying pressure were almost in equilibrium.

The MACD indicator moved as a conjoined pair after the signal line and the MACD line went through a bearish crossover. The MACD histogram was also in a lull as the graphs showed a sporadic mix of bearish and bullish signals.

Conclusion

The above-mentioned indicators indicated that in the short term, the cryptocurrency was trying to break free from the bear’s clutches. In the long term scenario, XRP was square inside the bear’s territory.


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