XRP/USD Technical Analysis: Coin taken to the dumps by the bear as year comes to a close

XRP has been part of the cryptocurrency roster that has been affected by the crushing market drops. Ripple’s product, which is currently holding the number two position on the cryptocurrency charts, has broken a lot of price supports and has found it difficult to get on the bullish slide.

1-hour

The one-hour XRP chart shows a support of $0.289, with an immediate resistance of $0.326. The recent downtrend has bought the prices down from $0.311 to $0.296.

The Parabolic SAR has been predominantly bearish with the markers staying above the price candles. In an immediate scenario, the PSAR shows bullish signals.

The Relative Strength Index, after recovering from the oversold zone is staying just below the middle of the graph. This is an indication of the selling pressure being more than the buying pressure.

The Chaikin Money Flow indicator has been staying below the zero line. This signifies the money flowing out of the market is more than the money coming into the market.

1-day

The daily chart for XRP does not paint a better picture for the cryptocurrency with no recent uptrends. The last uptrend saw the cryptocurrency climb to $0.573 while the following downtrend witnessed the cryptocurrency fall from $0.516 to $0.306.

The Bollinger band has started a divergence with the bearish trend taking charge. The size of the Bollinger cloud has also reduced due to the reduced magnitude of the trend changes.

The MACD indicator shows a conjoined movement by the signal line and the MACD line. Both the lines have crashed to the bottom, showing the stronghold of the bear. The MACD histogram has also stayed red for the past three weeks.

Conclusion

The above-mentioned indicators all take the side of the bear with no bullish reprieve in sight. With 2018 coming to a close, the ‘crypto-winter’ seems to be holding strong, proving analysts who predicted an extended bear run, run.