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XRP / USD technical analysis: the market suffocates cryptocurrency as prices remain unchanged

The volatile nature of the cryptocurrency market has been prolonged with most of the best coins that have suffered the same fate. Cryptocurrencies like Bitcoin [BTC], XRP and Ethereum have gone through a mixed phase of bullish and bearish tendencies, sometimes taking the side of the bull for a longer time. At the time of writing, XRP had a bearish background, which was also reflected in most other cryptocurrencies.

1 hour:

The graph of an XRP now paints the image of a cryptocurrency subject to lateral movements as a result of the real estate market. The immediate support of XRP was equal to $ 0.318 while the resistance is at $ 0.343. The downward trend led prices to fall from $ 0.337 to $ 0.322.

The Relative strength index shows the graph remaining in the middle of the overbought zone and the oversold zone. The grip in the middle is a sign of a relative balance between the buying pressure and the selling pressure.

The MACD indicator includes the signal line and the MACD line moves as a joint pair after a bearish turn. The MACD histogram, on the other hand, is a mix of both bearish and bullish signals.

1 day:

The one-day chart for XRP bears a resemblance to the graph of an hour because both show sideways price movements. The long-term support is currently at $ 0.262 while the recent downtrend has brought the price to $ 0.374 from $ 0.515.

The Chaikin money flow the indicator made a sharp decline below the zero line. This is a sign of capital that leaves the market strongly increasing compared to the capital that enters the market.

The Awesome oscillator he showed a dip in his chart when he joined the other time periods. The pause in the graph indicates the lack of market momentum.

Conclusion:

The indicators mentioned above all point to a regime for bears, providing for an extension of the bear run. While investor sentiment is weakening due to the real estate market, industry advocates are waiting anxiously for the market to turn green before recording the longest bear market in the history of cryptocurrencies.


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