XRP/USD Technical Analysis: Price trend to see much red before hitting green

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As the prices of the cryptocurrencies across the chart continue to slump, XRP stays no exception to the bear’s regime. At press time, the token was down by more than 2%, trading at a depreciated price of $0.34 with a market cap of $13.7. The total 24-hour trading volume was observed at $$425.5 million.

1-hour:

XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-hour candlesticks | Source: tradingview

In the 1-hour scenario, the downtrend is extending from $0.36 to $0.34 whereas the support level is currently set at $0.33. The downward trendline is forming a descending triangle with the support line, packing the price tightly to prepare for a trend breakout.

The Aroon Indicator is surprisingly neutral on the price prediction of XRP as the uptrend has just gained strength to stay at par with the downtrend. However, the trend may reverse and turn bullish if the downtrend continues to crash in power.

The Awesome Oscillator is currently bearish on the cryptocurrency market after the bar turned red.

The Chaikin Money Flow is also bearish on the cryptocurrency market as the reading line continues to travel below the 0-line.

1-day:

XRPUSD 1-day candlesticks | Source: tradingview

XRPUSD 1-day candlesticks | Source: tradingview

In the 1-day timeline, the support line or the uptrend is extending from $0.27 to $0.34. Furthermore, the resistance level set at $0.58 is restricting the progress of XRP beyond the respective point. Unlike the previous chart, the price trend for XRP looks healthy as the uptrend is forming an ascending triangle with the resistance line.

The Bollinger Bands are depicting high volatility in the market as the bands continue to follow a wide tunnel-pattern.

The RSI is showing a severe slump to approach the oversold zone. This is indicative that the indicator is extremely bearish on the price speculation.

The MACD has also made a bearish crossover by the signal to suggest a bear-run for the cryptocurrency. The stance is taken as confirmed due to the diligence of MACD within the lower half of the graph.

Conclusion:

In this technical analysis, the majority of indicators are advocating against a green trend for the coin, with the suggestions of wild volatility in the upcoming XRP market. Therefore, the price trend may see itself painted in red for a while.

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