XRP/USD Technical Analysis: Cryptocurrency falls back into the bear groove after surprise bull run

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The cryptocurrency market’s wayward motion has been ongoing for a long time now with several proponents of the space still claiming that the field will recover. After last week’s surprise bull run, the cryptocurrencies have fallen back into its routine sideways movement punctuated with bullish spikes and bearish drops. Bitcoin [BTC], XRP and Ethereum [ETH], the top-three cryptocurrencies have not been averse to this bear attack as the big three are struggling to cope with the price hits too.

1-hour:

Source: TradingView

Source: TradingView

The one-hour graph for XRP shows a sudden bullish spike of last week that has lifted the coin’s immediate support. The uptrend lifted the price from $0.29 to $0.31. The support has been holding at $0.292 while the resistance is at $0.323.

The Bollinger band shows the upper band and the lower band moving in a parallel fashion, a sign of the sideways movement of the market. The lack of convergence or divergence is also signified by both the bands.

The Chaikin Money Flow indicator has spiked way above the zero-line after a bull run. The hold above the line indicates that the capital coming into the market is much more than the capital leaving the market.

1-day:

Source: TradingView

Source: TradingView

XRP’s one-day graph clearly shows the prominence of the bear with the sideways movement being apparent. The long-term support has been holding at $0.25 while the downtrend lowered the price from $0.51 to $0.31.

The Relative Strength Index puts XRP square in the middle of the graph. The equilibrium hold points to the fact that the buying pressure and the selling pressure are almost equal.

The Awesome Oscillator does not tell a good story for XRP as the graph shows a clear lull now. The reduced magnitude of the graph goes hand-in-hand with the reduced market momentum for XRP.

Conclusion:

The above-mentioned indicators, except the CMF indicator, all state that the bear will reign supreme while the bull runs were short-lived. The Bollinger bands, the AO and the RSI support this claim as all three of them vote for the bear. Users and fans of the cryptocurrency can take joy in the fact that the market can still provide with significant bull runs.

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