XRP/USD Technical Analysis: Cryptocurrency falls back in the bear trap after bullish spike euphoria

The cryptocurrency market’s behavior has been quite stagnant with investors and users being affected due to the constant bear attacks. Popular cryptocurrencies like Bitcoin [BTC], XRP and Ethereum [ETH] have all fallen in value, a situation that has not changed despite multiple updates on the network front. XRP has captured news headlines multiple times over the past few weeks due to its unrelenting push to make cryptocurrency usage mainstream.

1 hour:

The one-hour graph shows a sudden increase in value as the bear trend seems to have settled back into its groove. The support has been holding at $0.287 while the immediate resistance is at $0.339. The recent uptrend lifted the value of XRP from $0.294 to $0.34.

The Relative Strength Index shows the cryptocurrency staying near the oversold zone. This is a sign of the selling pressure being more than the buying pressure.

The Awesome Oscillator displays the pickup in market momentum as shown by the graph.

1 day:

XRP’s one-day chart does not seem to have taken the recent uptrend into account as the graph stays in the bear region.  The long term support is holding at $0.262 while the visible downtrend brought down the prices from $0.571 to $0.375.

The Chaikin Money Flow indicates a sudden spike on the graph followed by a fall. The graph is still below the zero line which is a sign of the capital leaving the market being more than the capital coming into the market.

The MACD indicator shows the signal line and the MACD line moving as a conjoined pair. The MACD histogram has also undergone a lull due to the price drops.

Conclusion:

The above-mentioned indicators have taken the side of the bear after the recent spike seems to have been nullified. As the market continues to crumble under the bear pressure, XRP still has a lot to do before escaping the bear trap completely.