XRP / USD technical analysis: the market will probably take the bear out of the bear

After being surprisingly stable, almost all the big cryptocurrencies have been relatively in decline on their prices today. The biggest loser in the last 24 hours under the top 10 coins was observed as Cardano [ADA] with a decline of over 2%.

At the time of writing, XRP had fallen 1.18%, trading at $ 0.451 with a market capitalization of $ 18.1 billion. Its total volume of trade in the last 24 hours was recorded at $ 268.5 million.

1 hour:

XRPUSD 1 hour candelabras | Source: tradingview

In this time frame, the downtrend line from $ 0.47 to $ 0.464 and the uptrend from $ 0.44 to 0.461 show a convergence with a small space left over for the price to move. Currently, the XRP market is experiencing a cold and bearish stone breakout.

The Parabolic SAR is forecasting a bearish market for cryptocurrency. The points are aligned above the candelabras, contributing to the further suppression of the XRP price.

The Awesome Oscillator it also flashes red, warning a negative trend in XRP prices.

The Chaikin cash flow he is traveling under the 0 mark, having crashed from the bullish zone. Therefore, all the indicators in this scenario have canceled the price forecast.

1 day:

XRPUSD 1 day candlesticks | Source: tradingview

In the 1-day XRP candelabra scenario, the downtrend from $ 0.9 to $ 0.58 and the uptrend from $ 0.27 to $ 0.38 still have a fair amount of room to move prices vertically. Therefore, a trend breakout is far from being right now.

The Bollinger bands they're running straight into a tunnel model right now. The volatility of the XRP price does not seem to increase or decrease in the future.

The RSI is constantly making a crisis and heading towards the bear's den to paint an unhealthy market for the coin.

The Klinger Oscillator he also made a bearish crossover from the signal line. At present, the indicator is indicative of a bearish move in the XRP market.

Conclusion:

In this technical analysis, all the indicators used above are bearish on the XRP market. Both, the short and long term market of cryptocurrency seems to be feverish. However, XRP is not alone in the losing game as all the top 10 coins have played dead in the last three weeks.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in journalism and communication at Manipal University, she believes that blockchain technology is a revolutionary tool for advancing the future. Currently it has no value in cryptocurrencies.