XRP/USD Technical Analysis: Market confused amidst a reddish hue

The XRP market is currently facing a major bear-attack with its price going down by 4.5%. At the time of writing, the coin was trading at $0.49, with a market cap of $19.9 billion. The total 24-hour trading volume was recorded at $431.8 million.

1-hour:

XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-hour candlesticks | Source: tradingview

In the one-hour time frame, the XRP candlesticks are witnessing a downward trendline that extends from $0.51 to $0.50. There are two support levels set at $0.49 and $0.48. The latter broke the former support, making the downtrend stronger in the XRP market.

The Parabolic SAR is bullish on the XRP market as of now. The dots are floating below the candlesticks to show allegiance to the bull.

The Awesome Oscillator is glowing red in the heat of the current bear attack. It is disagreeing with the above indicator, summoning the bear to emerge from its den.

The Chaikin Money Flow is in tune with Parabolic SAR and is flashing a green signal at the XRP market. The reading line is hiking the high road to predict a positive trend.

1-day:

XRPUSD 1-day candlesticks | Source: tradingview

XRPUSD 1-day candlesticks | Source: tradingview

The one-day scenario of the XRP price chart is displaying a downtrend from $0.58 to $0.55 and an uptrend from $0.27 to $0.45. A trend breakout is not possible anytime soon as the prices are not experiencing much compression at present.

The Bollinger Bands are not showing a wide range for the cryptocurrency price to fluctuate. Therefore, it is expected that XRP will not witness much volatility in the upcoming price trend.

The RSI has returned after hitting the overbought zone. The indicator struggled to climb up a second time but failed. Henceforth, the RSI is now crashing into the bear’s den.

The Klinger Oscillator made a bearish crossover to depict a red trend in the market. The reading line is further stretching downwards to side with the bear.

Conclusion

Most of the indicators in the technical analysis are bearish on XRP. In the short-run, the indicators are bullish whereas the longer-run, predictions show a bearish approach in the upcoming market trend for the coin.

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