XRP / USD technical analysis: the price trend shows very red before hitting the green

While the prices of cryptocurrencies throughout the chart continue to fall, XRP is no exception to the bear regime. At the time of printing, the token fell by more than 2%, trading at a depreciated price of $ 0.34 with a market capitalization of $ 13.7. The total volume of 24-hour trading was recorded at $ 425.5 million.

1 hour:

XRPUSD 1 hour candelabras | Source: tradingview

In the 1-hour scenario, the downward trend extends from $ 0.36 to $ 0.34 while the support level is currently set at $ 0.33. The downward trend line is forming a downward triangle with the support line, firmly compressing the price to prepare a trendy breakout.

The Aroon indicator it is surprisingly neutral on the price prediction of XRP as the upward trend has just gained strength to stay on par with the downward trend. However, the trend may reverse and become bullish if the downward trend continues to collapse to power.

The Awesome Oscillator is currently bearish on the cryptocurrency market after the bar has turned red.

The Chaikin cash flow it is also bearish on the cryptocurrency market while the reading line continues to travel under the 0 line.

1 day:

XRPUSD 1 day candlesticks | Source: tradingview

In the 1-day timeline, the support line or upward trend extends from $ 0.27 to $ 0.34. Furthermore, the resistance level set at $ 0.58 limits the progress of XRP beyond the respective point. Unlike the previous chart, the price trend for XRP looks healthy while the uptrend is forming an upward triangle with the resistance line.

The Bollinger bands they are describing a high volatility in the market as the bands continue to follow a broad tunnel model.

The RSI is showing a serious crisis to get closer to the oversold zone. This is indicative of the fact that the indicator is extremely bearish on price speculation.

The MACD he also made a bearish crossover with the signal to suggest a bear run for the cryptocurrency. The position is considered confirmed due to the diligence of the MACD in the lower half of the chart.

Conclusion:

In this technical analysis, most of the indicators are supporting a green trend for the currency, with suggestions of wild volatility in the upcoming XRP market. Therefore, the price trend could see itself painted in red for a while.

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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.