XRP/USD Technical Analysis: Price continues to fall as cryptocurrency market gets crushed by the bear
The ongoing bearish maul on the cryptocurrency market has not been a pretty sight with several popular coins going down the price spiral. Bitcoin [BTC], the largest cryptocurrency in the market, again crashed in double-digit numbers, a perfect encapsulation of the current market scenario.
XRP, which had earlier excited the community by climbing to the second position, on the charts has suffered a traumatic experience too, falling by over 10%.
XRP’s one-day graph paints a very bleak picture for the cryptocurrency as evidenced by a severe lack of substantial uptrends. The support has been holding at $0.297, which is the lowest that XRP has fallen for over 4 months. The immediate resistance is at $0.401. The downtrend has lowered the price from $0.34 to$0.293.
The Relative Strength Index [RSI] indicates that XRP has just entered back into the graph after crashing below the oversold zone. This is a sign of the selling pressure being much higher than the buying pressure.
The Chaikin Money Flow [CMF] indicator has stayed below the zero line which means that the money flowing out of the market is higher than the inflow.
The Awesome Oscillator [AO] points to the market momentum being the highest in a week.
The one-day XRP graph shows the cryptocurrency consistently losing value. The long-term support is at $0.264 while the earlier uptrend lifted the price from $0.371 to $0. 575. The recent downtrend saw the price fall to $0.31.
The Bollinger band shows the upper band and the lower band still diverging, a sign that the bearish trend may continue.
The MACD indicator has fallen towards the bearish zone with the signal line and the MACD line moving in a parallel fashion. The MACD histogram is mainly bearish as shown by the red graphs.
The Parabolic SAR has stayed predominantly bearish indicated by the markers staying above the price candles.
The cryptocurrency market has been crumbling since the start of December and almost all the popular coins have paid the price for it. All the above-mentioned indicators clearly show that unlike December 2017, this time around the market is heading for a very bleak winter.
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