XRP/USD Technical Analysis: Bear market to see no end as coin dives deeper

As the cryptocurrency market approaches the red zone again, XRP is down by 1.86%. At the time of writing, the token was trading at $0.30 with a market cap of $12.4 billion. The total trading volume in the 24-hour cycle was recorded at $421.2 million.

1-hour:

XRPUSD 1-hour candlesticks | Source: tradingview

In the 1-hour chart of XRP candlesticks, a clear sideways movement can be seen wherein a slight downtrend from $0.34 to $0.32 and an uptrend extending from $0.29 to $0.3 can be noticed. The concentration is visible in the XRP price, hence, indicative of a trend breakout in the future.

The Aroon indicator is suggestive of a bearish run for the cryptocurrency. This is apparent by the strength observed in the downtrend on the graph wherein the uptrend appears to be extremely week.

The Awesome Oscillator is glowing red as the bear’s shadow casts over the XRP market. The bars have just turned red to rule against a bright future.

The Chaikin Money Flow is projecting a neutral stance on the matter as the indicator is traveling the mid-path.

1-day:

XRPUSD 1-day candlesticks | Source: tradingview

In this timeline, the downtrend is suspended from $0.51 to $0.35 whereas the uptrend is seen to be ranging from $0.27 to $0.3. In the long-term, the expectation of a trend breakout is relatively lower as the price is not showing much concentration.

The Parabolic SAR is extremely bearish on the cryptocurrency as the dots assemble themselves beneath the price candlesticks.

The RSI has crashed into the oversold zone the second time after attempting to pick itself up. This is indicative of a negative sign for XRP.

Conclusion:

In the technical analysis, all the indicators used in both the time frames have left a negative opinion on the fate of XRP. This suggests that a bearish trend breakout can be expected in the foreseeable future.


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