The cryptocurrency market has not been kind to most of the popular coins, XRP being a prime example. The coin has fallen repeatedly over the past few days with a few bullish spikes sprinkled here and there. The technical analysis shows a clear picture as to what the bear has done to the cryptocurrency market after it wreaked havoc on it.
The trend lines indicate a distinctive bearish run that has been persistent to not let XRP anywhere near the resistance break. Although there is a clear bullish spike on the charts, the indicators demonstrate a lack of willpower by the bull to carry the cryptocurrency to a peak. The current support of XRP is at $0.4182, a point which was reached after multiple support breaks over the past few hours.
After the bullish run that saw XRP bounce from $0.38 to $0.441, the cryptocurrency’s support broke at $0.421 and at $0.419. The Relative Strength Index [RSI] paints a clear picture of the bear’s hold, with the RSI graph dropping well below the oversold zone at the point where the coin traded for a low of $0.38.
The MACD shows a massive drop in the price with multiple crossovers of both the signal line as well as the MACD line. The penultimate crossover occurred right before the bullish spike with the last crossover signaling the start of the bear’s hold.
The MACD histogram is also indicative of the bearish run with sporadic bullish trends in between.
The Bollinger Bands show the day’s XRP price drop out of the Bollinger outbreak bubble created by the upper standard deviation and the lower standard deviation. The Bollinger bands also show an evening out of the bubble which can be perceived as a sideways movements leaning towards the bearish side.
The fall to $0.38 is indicated by the candle falling below the lower standard deviation. The market volatility has clearly caught on with the XRP price as demonstrated by the rapid bearish pullbacks impeding the movement towards a resistance break.
The price of XRP is expected to remain bearish with bullish runs helping to alleviate the pain of price support breaks.
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