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XRP / USD technical analysis: the cryptocurrency struggles to get out of the bear pit

The fight of the XRP with the bear was prolonged this year, with the cryptocurrency that won the war rarely while the bear devastated the market. The cryptocurrency market has shown a long-term sideways movement.

1 hour

Source: trading view

Source: trading view

The graph of an hour of XRP shows that the upward trend is very weak, with the lateral movement gaining preponderance. The uptrend led the price from $ 0.321 to $ 0.331. Support reached $ 0.32, while immediate resistance was $ 0.343.

The Chaikin money flow the indicator has crashed below the zero line after holding it down for a while. The fall below the zero line is indicative of the capital leaving the market more than the capital entering the market.

The Awesome oscillator has reduced to a negligible level, a trend that has been observed in the last two days. The break in the AO markers shows that the dynamics of the market has greatly reduced due to a change in investor sentiments.

1 day

Source: trading view

Source: trading view

The one-day chart does not depict a better image for XRP while the downtrend continues to cause chaos. The last major downward trend led prices to fall from $ 0.513 to $ 0.303, while support remains at $ 0.264.

The MACD indicator shows the signal line and the MACD line that moves like a joint pair, with the histogram showing a downward trend.

The Relative strength index it is closer to the oversold zone after slipping from the overbought zone. The increase in selling pressure compared to buying pressure can be attributed to the bear market.

Conclusion

The presence of the bear in the cryptocurrency market was quite substantial, with several cryptocurrencies struggling to get out of the price pit. This is also demonstrated by the indicators, with everyone taking the bear part, with a slight glimmer of bullish peaks in the middle.


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