XRP/USD Technical Analysis: Bear circus runs XRP show again

XRP has finally given up its spot of being the second-largest cryptocurrency and settled down at being the third-largest cryptocurrency by market cap in a recent turn of events.

The current prices of XRP are trading at $0.3578, with a market cap of $14.59 billion. The 24-hour price change shows a negative decline in 2%, while the 24-hour trading volume is at $429 million. Most of the trading volume is contributed by ZB.COM via the trading pair XRP/BTC.

1-hour

The uptrend for XRP in the one-hour chart extends from $0.3436 to $0.3647, with a downtrend extending from $0.3680 to $0.3906. The support at $0.3652 is being tested at the time of writing. Subsequent support can be seen at $0.3584. The support at $0.3771, which was formed on December 25, 2018, has now become a resistance as the prices failed to rise above it. The next resistance can be seen at $0.3959.

The Bollinger Bands shows a squeeze that is underway for XRP prices and the prices have fallen below the simple moving average, which indicates a bearish move for the prices.

The MACD indicator shows a failed bullish crossover that is converting into a bearish crossover at the time of writing. The histogram is also transitioning from green bars to red bars.

The RSI looks equally mutilated, as the line is hanging below the 50-mark, indicating that the sellers are controlling the market.

1-day

The one-day chart shows a strong downtrend that spans from $0.90 to $0.3870, with no uptrend on the horizon. The prices are being supported at $0.2627, with resistance points hanging high at $0.5821, $0.689, and $0.90.

The Parabolic SAR markers are seen spawning above the price candles, indicating a bearish pressure pushing the prices down.

The Aroon indicator also shows a decline in the downtrend of XRP while the downtrend, which is indicated by the red line has tried to come to dominance but failed mid-way.

The Chaikin Money Flow indicates that more money is flowing out of the market than that is coming into the market for XRP.

Conclusion

The one-hour chart shows a rather bearish move in the prices for XRP as indicated by MACD, Bollinger Bands, and RSI. The one-day chart, i.e., the longer-time frame also shows a more bearish pressure in play for XRP, which is confirmed by the indicators, CMF, Aroon and SAR.