XRP/USD Technical Analysis: Coin set to drop further as bears look to prey on investors

After acting surprisingly stable, almost all the big cryptocurrencies went relatively down on their prices today. The biggest loser in the past 24-hours under the top-10 coins was observed to be Cardano [ADA] with a drop of more than 2%.

At the time of writing, XRP had dropped by 1.18%, trading at the price of $0.451 with a market cap of $18.1 billion. Its total trading volume in the last 24 hours was recorded at $268.5 million.

1-hour:

XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-hour candlesticks | Source: tradingview

In this timeframe, the downward trendline from $0.47 to $0.464 and the upward trendline from $0.44 to 0.461 are showing a convergence with a little space left for the price to move. Currently, the XRP market is experiencing a stone cold bearish breakout.

The Parabolic SAR is predicting a bearish market for the cryptocurrency. The dots are aligned above the candlesticks, contributing to the further suppression of the XRP price.

The Awesome Oscillator is also flashing red, warning a negative trend in the XRP prices.

The Chaikin Money Flow is traveling below the 0-mark, after crashing from the bullish zone. Therefore, all the indicators in this scenario have negated the price prediction.

1-day:

XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-day candlesticks | Source: tradingview

In the 1-day scenario of XRP candlesticks, the downtrend from $0.9 to $0.58 and the uptrend from $0.27 to $0.38 still have a fair amount of space for the prices to move vertically. Therefore, a trend breakout is far from occurring at this point in time.

The Bollinger Bands are running straight in a tunnel pattern as of now. The volatility in the XRP price does not seem to either increase or decrease in the future.

The RSI is steadily making a downturn and heading to the bear’s den to depict an unhealthy market for the coin.

The Klinger Oscillator has also made a bearish crossover by the signal line. At present, the indicator is suggestive of a bearish move in the XRP market.

Conclusion:

In this technical analysis, all of the indicators used above are bearish on the XRP market. Both, the short-term and long-term market for the cryptocurrency is appearing to be feverish. However, XRP is not alone in the losing game as all the top-10 coins have been playing dead for the past three weeks.

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