XRP/USD Technical Analysis: Cryptocurrency awaits a trend change as bear watches over

The cryptocurrency market has been seeing a constant battle between the bear and the bull, with the bear emerging victorious most of the time. This has been made evident with the current price crash that almost all the cryptocurrencies have suffered, including Bitcoin [BTC], Ethereum [ETH] and XRP. XRP has been in the picture multiple times recently, mainly due to the developments made by Ripple.

1-hour:

Source: Trading View

The one-hour graph for XRP shows a sideways movement taking hold as the prices have stayed more or less on the same plane. The recent downtrend resulted in the prices falling from $0.318 to $0.306. The support has been holding at $0.292 while the immediate resistance is at $0.321.

XRP/USD Technical Analysis: Cryptocurrency awaits a trend change as bear watches over

The Relative Strength Index is right in the middle of the graph due to the unchanging investor sentiments. The hold in the middle is a sign of the selling pressure being almost equal to the buying pressure.

The Chaikin Money Flow indicator is right at the zero-line after falling from above it. The graph declining below the zero-line signifies that the capital coming into the market is lesser than the capital leaving the market.

1-day:

XRP/USD Technical Analysis: Cryptocurrency awaits a trend change as bear watches over

XRP’s one-day graph shows similar traits to that of the one-hour graph, pointing to a slow and steady price decline. This drop has caused XRP’s price to crash from $0.557 to $0.312. The support has been holding at a low of $0.261.

The Parabolic SAR has been predominantly bearish, with the markers staying above the price candles.

The Awesome Oscillator shows a lull on the graph after some respectable movement earlier on. The reduced amplitude indicates that the market momentum has reduced in the market.

Conclusion:

The above-mentioned indicators have all voted for the bear to reign supreme. Users and investors of XRP are awaiting some sort of reprieve that will fuel the expected price hike of the cryptocurrency.

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