XRP/USD Technical Analysis: Bear reigns in the long run

XRP, the cryptocurrency which successfully surpassed Ethereum by market cap, is struggling to dodge the bear’s attack in the market. The cryptocurrency continues to bleed in double digits along with other top cryptocurrencies such as Bitcoin [BTC], Bitcoin Cash [BCHABC], and Litecoin [LTC].

According to CoinMarketCap, at press time, XRP is trading at $0.2989 with a market cap of $12.23 billion. The coin shows a trading volume of $529.62 million and has plunged by more than 19% in the past seven days.

1-hour chart:

XRP one-hour price chart | Source: Trading View

XRP one-hour price chart | Source: Trading View

In the one-hour chart, the coin demonstrates a downtrend from $0.3815 to $0.3636. It also pictures a fall from $0.3256 to $0.3095. The coin has an uptrend from $0.2940 to $0.3016. The immediate resistance is set at $0.3257 and the strong resistance is set at $0.3443. It has an immediate support at $0.3015 and strong support at $0.2938

Parabolic SAR showing a bearish wave as the dots have aligned above the candlesticks.

Chaikin Money Flow has entered the bull’s side of the market as the line has breached the zero line to take the direction upwards.

Bollinger Bands have started to contract, forecasting a less volatile market for the coin.

One-day:

XRP one-day price chart | Source: Trading View

XRP one-day price chart | Source: Trading View

In the one-day chart, the coin demonstrates a downtrend from $0.9028 to $0.5558. It records another steep fall from $0.3826 to $0.3059. It has an immediate resistance at $0.3962 and a strong resistance at $0.5164. The coin has found a support ground at $0.2622.

Klinger Oscillator has made a bullish crossover in the market.

MACD is on the bear’s side as the moving average line has made a crossover to take the path down the hill.

RSI is also forecasting a bearish wave as it is indicating that the coin is oversold in the market.

Conclusion:

The bear has the support of the Parabolic SAR from the one-hour chart and the MACD and RSI from the one-day chart. The bull has the support of Klinger Oscillator from the one-day chart and CMF from the one-hour chart.

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