XRP/USD Technical Analysis: Bears take control as cryptocurrency gets beaten down
As the second week of 2019 comes to a close, the cryptocurrency market has been hit by a wave of bear attacks causing the cryptocurrencies to bleed profusely. Popular coins like Bitcoin [BTC], XRP and Ethereum [ETH] struggled to recover from the onslaught as prices continue to fall. XRP, which was celebrating its partnerships with over 200 companies was severely hit with price supports coming under threat.
The one-hour chart for XRP shows a clear picture of the crash as the red candles stand out from the rest. The downtrend that occurred brought the price down from $0.386 to $0.335, a stark contrast to the continued sideways movement of the past week. XRP’s immediate support is now at $0.332 while the resistance is holding at $0.396.
The MACD indicator has crashed to the bottom with a slight recovery in the picture. This is indicated by the bullish crossover between the signal line and the MACD line. The MACD histogram is predominantly bearish too.
The Awesome Oscillator has picked up after the market shakeup which is shown by the green markers shooting up. The increase in the marker size is directly correlated to the increase in market momentum.
XRP’s one-day graph continues to show an extended sideways price movement. The recent major downtrend resulted in the price dropping from $0.524 to $0.293. The immediate support on the long term chart is holding at $0.261.
The Chaikin Money Flow indicator is below the zero line, a pattern that has lasted for a more than a month now. The hold below the zero line states that the capital flowing out of the market is much higher than the capital that is coming in.
The Relative Strength Index for XRP is closer to the overbought zone now than what it has been for three weeks. The indicator explains that the selling pressure is more than the buying pressure in the market.
The above-mentioned indicators all show the might of the bear as the bull struggles to climb out of the pit. As the new year chugs along, the cryptocurrency looks likely to hold a stagnated price position for some more time.
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