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XRP/USD Price Analysis: Coin breaches support as bearish pressure continues


XRP broke its sideways movement after it breached its immediate support to fall lower. Despite a slew of announcements and XRP adoption, the price of XRP remains unaffected.

The price of XRP was $0.315, with the market cap at $12 billion, at press time. The 24-hour price change for XRP was -0.58%, while the 7-day price change was negative 2.69%.

1 Hour

Source: TradingView

The one-hour chart for XRP showed a dominant downtrend that extended from $0.3445 to $0.3171, while the uptrend ranged from $0.3072 to $0.3134. The price breached the support at $0.3160. Resistance points were seen at $0.3260 and $0.3489.

The Bollinger Bands were undergoing a squeeze, indicating that the volatility of XRP was drained out. The prices hung below the simple moving average, indicating the presence of bears.

The MACD indicator showed the signal and MACD line intertwined, indicating a tussle between the bulls and the bears.

The Awesome Oscillator showed small histograms of red and green over the zero-line.

1 Day

Source: TradingView

The one-day chart showed a dominant downtrend that was progressing since May 2018. It extended from $0.9027 to $0.3257. The support at $0.2587 was holding XRP from dipping further below. Long-term resistance points were $0.5836, $0.6880, and $0.9027.

The Aroon indicator showed a rising red-line, which indicated an increase in the strength of the downtrend.

The Chaikin Money Flow line was below zero, indicating that money was flowing out of the XRP market.

The Relative Strength Index showed a balance between the momentum of sellers and buyers.

Conclusion

The one-hour chart indicated bearish pressure for the coin after the sudden drop in prices on 21 March. The indicators, Bollinger Bands, MACD, and Awesome Oscillator confirmed the same. The one-day chart showed an increase in the hold of the bears on the XRP market, as indicated by Aroon, Chaikin Money Flow, and Relative Strength Index.


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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.





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