XRP/USD Price Analysis: Bear crunch continues as coin’s immediate support falls again

The price fluctuations in the cryptocurrency market have been going on for quite some time now, with the market sentiment aligning with the actions of the bear. Bitcoin [BTC], the largest cryptocurrency has been the catalyst for the market as its price changes have had a drip-down effect on the rest of the cryptocurrencies. XRP, the number three cryptocurrency on the charts has been stuck in a sideways price rut with no significant changes over the past few weeks.

1-hour:

The one-hour chart of XRP showed a sudden price crash that lowered the immediate support to $0.309. The downtrend resulted in the price changing from $0.327 to $0.314. The resistance was holding at $0.327.

The Bollinger Bands converged after a bearish price breakout. The size of the Bollinger cloud was quite significant as the immediate support was lowered.

The Parabolic SAR was below the price candles at the time of writing, which was a bearish sign.

The Chaikin Money Flow indicator was just below the zero-line, a sign of the capital leaving the market being more than the capital coming into the market.

1-day:

Bitcoin’s one-day graph also displayed a downtrend that took the price from $0.558 to $0.327. The long-term support was holding at $0.263.

The MACD indicator was on the axis with the signal line and the MACD line moving in a conjoined fashion. The MACD histogram was negligible on the graph.

The Relative Strength Index was in the middle of the graph, which meant that the buying pressure and the selling pressure were almost equal.

The Awesome Oscillator was non-existent due to the lack of XRP market momentum in the long-term.

Conclusion:

The above-mentioned indicators stated that XRP’s problems with the bear would continue in the short term. The extreme lack of movement in the XRP market can also be considered as a reason for the price stagnation.