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.
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.
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.
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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