XRP, as well as other market movers, continue to suffer the wrath from the bears. In the last 24 hour, the altcoin fell significantly. The coin had made gains in the last week, but the bulls have returned and it has lost all of its gains.
Market movers saw a temporary relief rally that led to profit booking. The altcoin’s price soared 16% in a week but daily losses have rendered it obsolete. Its value has fallen by 3.3% in 24 hours to $0.34
The bears won the battle and bulls are tired. As XRP has turned bearish, selling pressure has increased. The $0.30 mark is the nearest significant resistance. The technical outlook for XRP was mixed with a positive divergence in the daily charts.
The XRP Price Analysis: A One-Day Chart
On the one-day chart, altcoin traded at $0.34 The immediate resistance was $0.48. Before XRP revisits that $0.48 price level, however, it must trade at least $0.40. The altcoin’s chart could see a decline based on the technical outlook.
In the event of another fall, the support area for the coin is close to $0.30- $0.28. The volume of XRP that was traded during the last session increased, indicating sellers’ activity in the market. However the bar in red indicated bearish strength.
Technical Analysis
On the 24-hour chart, indicators were bearish. Profit booking indicated that sellers were increasing in numbers at the time we wrote this. Relative Strength Index fell below half-line, signifying bearishness after sellers took control of the market.
The price of XRP was below the 20 SMA line. This indicated that sellers had increased the selling pressure. However, the above chart showed a possibility of price correction. The RSI showed a positive divergence. An asset with a positive divergence means that buyers will return to the market and the price of the asset will rise.
While sellers have re-entered market, despite the observation that XRP continues to flash buy signals in the market, this could mean that XRP is trying to secure gains. This may indicate that XRP could attempt gains after the recent sell-off. Awesome Oscillator shows price momentum, and accounts for reverses. The indicator showed green signal bars.
These bars of green were signals to buy the coin. Parabolic SAR reads both the price trend as well as changes. Below the candlestick, dots were seen that indicated that XRP could turn positive in the following trading sessions.
Featured image by UnSplash. Chart from TradingView.com