XRP Technical Analysis: Bears to have a strong hold on the cryptocurrency

The inconsistent journey of cryptocurrency market seems to be never-ending as the digital assets are constantly showing irregular trends since one week. At the time of writing, XRP is trading at $0.37 with a market cap of $15.1 billion. Though XRP continues to hold the 2nd position in the market list, it has seen a significant downtrend in the past 24 hours and 7 days statistics with decline rates of 4.3% and 12.2% respectively.

1 hour:

The 1-hour chart of XRP shows a downtrend ranging from $0.42 – $0.40 – $0.37 with a resistance point formed at $0.40. The candlesticks are also showing an uptrend ranging from $0.35 – $0.37 with a support point fixed at $0.33.

The Parabolic SAR is currently depicting a downtrend for the cryptocurrency. It can be noticed that the dots are clearly formed above the candlesticks providing a negative price prediction.

The Awesome Oscillator is showing a slightly bearish trend with the formation of red lines below the zero line. However, the trend formed seems to be unpredictable as it is a combination of both red and green bars in this timeline.

The Aroon Indicator shows the exhaustion of both the Aroon Up line and Aroon Down line at the moment. Both the trend lines are moving towards the bottom indicating that there could be a trend reversal soon.

24 hours:

In the 24 hours timeframe, XRP is experiencing a strong downtrend ranging from $0.88 – $0.58 – $0.39 with a resistance set at $0.69. Also, there is an uptrend extending from $0.26 – $0.36 with the support set at $0.26.

The Bollinger Bands are forming a wide path depicting that there will be an increased volatility in the XRP market in this timeline.

The MACD has taken a bearish crossover with both the moving average and signal line traveling downwards. The histogram is also showing a strong downtrend in this case.

The Relative Strength Index [RSI] had touched the oversold line a few days back and is currently recovering the trend by slowly moving towards the RSI zone.

Conclusion:

In this Technical Analysis, most of the indicators are showing a strong support towards a bearish trend for XRP in all the timelines. Also, Bollinger Bands is depicting high volatility in the market.