XRP’s Hot Streak Towards $2 Goes For A Toss As Bears Intervene thumbnail

XRP’s Hot Streak Towards $2 Goes For A Toss As Bears Intervene

You are here: Home / News / Altcoin News / XRP’s Hot Streak Towards $2 Goes For A Toss As Bears Intervene

XRP

by

A crypto carnage was noted in the market. XRP was seen spearheading this downtrend. The price of Bitcoin [BTC] had recorded a massive slump from a high of $64K to $55K over the month. The king coin’s market cap had also taken a hit as it had reduced down to $1.02 trillion. This further posed to have an impact on the overall market cap of the crypto-verse as it was at $1.97 trillion, during the time of writing.

XRP bewildered the crypto market after its impeccable price rise. The SEC’s claims of XRP being a security did not seem to stop the asset from bagging gains. However, the altcoin, after a notable surge in the last couple of days, went on to plummet by over 11% over 24-hours. The altcoin, during the time of writing, was trading at $1.28. The cryptocurrency garnered some momentum and rose towards the fourth position as its market cap fared to $57.02 billion.

XRP One-Hour Price Chart On Binance

XRP

The bulls as well as the bears had put up a fight in XRP’s short-term price chart. The Parabolic SAR indicator was inclining towards the bears as it had formed a line of resistance over the candlesticks. While this line restricted any outbreaks towards the upside, the community was assured that the bears were trying to make an entry into the XRP market. The Awesome Oscillator indicator, however, formed green closing bars affirming the presence of the bulls.

No major buying activity was detected in the XRP one-hour price chart, suggested the Relative Strength Index indicator.

XRP One-Day Price Chart On Binance

MWsXpUNu

Even though the Bollinger Bands were wide apart, however, they were trying to converge, further indicating limited volatility. The MACD line was seen crawling below the signal line further insinuating a bearish crossover. The Money Flow Index indicator was exerting a buyers’ sentiment amidst the ongoing bearish trend on the one-day price chart of the coin.

This trend could further pose as a hurdle to the altcoin’s journey towards $2.

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *