XRP Price Analysis: Bears ready to attack after bulls lose steam

The cryptocurrency market saw coins registering growth and then, stagnation over the past week. XRP also noted the growth, but slipped to the third position on CoinMarketCap. Even after observing growth, the coin did not manage to regain its third position on the list of the world’s largest cryptocurrencies.

At press time, XRP is valued at $0.3190 with a market cap of $13 billion. The coin registered 24-hour trading volume of $511 million, while falling by 0.43% over the past day. XRP reported a growth of 5.48% over the past seven days.

1-hour

The one-hour chart for XRP noted an uptrend from $0.3084 to $0.3462 and a downtrend from $0.3490 to $0.3297. The coin traced resistance at $0.3301, and support at $0.3220.

Bollinger Bands have converged, suggesting reduced market volatility. The moving average line was over the candlesticks, marking a bearish trend.

Awesome Oscillator also pointed towards a weakened bearish momentum.

Chaikin Money Flow indicated that cash circulation in the market was falling as the marker was under the zero line.

1-day

The one-day chart for the coin pointed towards an uptrend from $0.3465 to $0.5639. This uptrend was followed by a downtrend from $0.5551 to 0.3385. The coin failed to mark an immediate resistance at $0.4146 and support at $0.2926.

Parabolic SAR pointed towards a bearish run as the markers are aligned above the candles.

MACD line was over the signal line, suggesting that a bullish market may be in the offing.

Relative Strength Index indicated that the buying and selling pressures were evening each other out.

Conclusion 

According to the majority of the indicators including Bollinger Bands, Awesome Oscillator, Chaikin Money Flow and Parabolic SAR, a bearish takeover was predicted. However, MACD was the only indicator pointing towards a bullish run.