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XRP / USD technical analysis: Bear continues to preside over the market as long-term support is threatened

The cryptocurrency market has not recovered from the recent price each with several currencies feeling the bear's burden. XRP, who enjoyed a bullish rise a few weeks ago, which allowed him to beat Ethereum [ETH] In the lists, since then you have missed the ladder.

1 hour

The one-hour XRP charts show that the currency is constantly falling in value with the first downtrend that reduces the value from $ 0.495 to $ 0.427. Support has remained at $ 0.3391 while resistance is at $ 0.501.

the Bollinger Band has begun to move in parallel, indicating the lateral retention of the price of XRP. There is also a lack of important outbreaks.

the MACD The line and the signal have begun to travel as a united pair, again a signal of the continuous movement of prices to the sides.

1 day

The XRP chart of a day means bear control in the market, with only an upward trend in recent months. The initial upward trend had raised prices from $ 0.367 to $ 0.574, while the recent downtrend reduced the value to $ 0.365. Long-term support has remained at $ 0.261.

the Relative Strength Index [RSI] It crashed into the oversold zone due to the sudden increase in the sales pressure over the purchase pressure.

the Chaikin money flow The indicator has broken below the zero line, which means that the money that leaves the market is more than the entrance.

Conclusion

The bear continues to rule the cryptocurrency market as the indicators show. XRP expects to continue in pessimistic bearish work for a longer time, as the lateral price movement has taken hold.


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Akash anand