XRP/USD Technical Analysis: Cryptocurrency falls down the bear staircase as supports break

The cryptocurrency market’s sideways behavior has been consistent for a long time with a majority of the top coins seeing continuous up-down movements. Popular cryptocurrencies like Bitcoin [BTC], XRP and Ethereum [ETH] were also subject to the bear attack, as the charts show a bearish spread across the spectrum.

1 hour:

The one hour chart for XRP shows a massive downtrend that had taken place recently. The fall caused XRP’s price to dip from $0.32 to $0.29. The support has been holding at $0.287 while the immediate resistance is at $0.33.

The Relative Strength Index had crashed below the oversold zone after which the cryptocurrency has been holding right at the oversold line. This is an indication of the selling pressure being more than the buying pressure.

The MACD indicator shows a clear bearish trend with the signal line and the MACD line falling way below the histogram and pointing to a bearish crossover.

1 day:

XRP’s one-day chart is a perfect example for showcasing the sustained sideways movement. The long term support has been holding at $0.259 while the visible downtrend witnessed XRP’s price fall from $0.526 to $0.372.

The Chaikin Money Flow indicator has crashed to the bottom of the graph which is a sign of the capital leaving the market being more than the capital coming into the market.

The Bollinger band have begun their convergence which coincides with the end of the bearish outbreak. The size of the cloud is relatively small as the magnitude of the bear crash has not been so severe.

Conclusion:

All the above-mentioned indicators portray the bear exerting its dominance as shown by the massive price crash. XRP’s roller-coaster ride has been ongoing for quite some time now and the recent support break will not do much to alleviate the concerns held by investors.