In the last 24 hour, the XRP value has been falling significantly. Altcoin prices continue to fluctuate around $0.47.
The bears are back in the charts for XRP. The XRP market price has fallen by 4.12% in the past 24 hours.
The coin’s price has risen by more than 30% over the last week. On the one-day chart, the technical indicators for altcoin started to show bearish price movement.
Due to the increase in market selling, the bulls lost their steam over the last week.
Although the indicators are not yet in the excess selling zone but there was a major technical outlook that indicated that buyers were exiting the market.
After the rallies that were triggered by positive investor sentiment, this could be called a price pullback of XRP.
Global cryptocurrency market capitalization today stands at $971 billion. 0.8% negativeThe last 24 hours have seen significant changes.
XRP Price Action: A One Day Chart
Altcoin experienced a rally over the past week, reaching $0.54. The XRP market was within an ascending trendline, but it lost its momentum due to a decrease in buyer strength.
The $0.48 resistance mark was set for the coin. This is a level above which XRP may lose its grip on the $0.51 price. At $0.42, the support level for the coin remained.
The support line is the one that will bring XRP down to $0.38. The chart showed that XRP’s buying strength decreased slightly in the past session. This is evident by the red color of XRP.
Technical Analysis
Due to XRP rallying and buying strength rising significantly, the currency was in excess of its price for the last week. A price pullback is usually expected when the coin has become too expensive. The one-day chart shows that XRP has fallen from the overvalued area.
Relative Strength Index fell to 60, which indicated that there was an increase in selling pressure.
The XRP Price was above the 20 SMA Line, signaling that the demand was still there and that buyers were driving the price momentum.
If the buyers maintain their price momentum, then XRP will attempt to surpass its immediate resistance.
The market is not dead, but buyers are still active.
Moving Average Convergence Divergence shows us price momentum as well as the general direction of the altcoin. MACD showed green signal bars that were linked to the buy signal of XRP.
They were shrinking in size despite being present on the green signals bars. That meant bullish momentum was diminishing at the time that this article was written.
Chaikin’s Money Flow displays capital inflows and outflows for a particular time. CMF also was positive because the indicator was over the half line, which indicates more capital inflows than outflows.