XRP/USD Technical Analysis: Bear’s growl scares bulls away
XRP has overtaken Ethereum [ETH] and become the second-largest cryptocurrency with its market cap $14 billion. The prices have collapsed below their supports and are currently trading at $0.35.
The 24-hour trading volume for XRP can be seen hanging at $778 million which is an increase of $100 million in a couple of hours. Most of the trading volume for XRP comes from Upbit, a Korean Exchange which contributes a whopping $70 million via trading pair XRP/KRW.
The one-hour chart for XRP shows that uptrend that existed for a few days has vanished completely, without a trace due to today’s massive crash which is still on-going. The downtrend, however, extends from $0.39 to $0.35. The support at $0.358 has been breached and a new support at $0.348 has been created. The resistance point at $0.39 is holding strong.
The Aroon indicator shows a dominance of the downtrend as the Aroon red line has hit the 100-line, while the Aroon green line has bottomed indicating that the downtrend has vanished.
The Stochastic indicator shows a bearish crossover that is still under play in the oversold zone.
The Chaikin Money Flow has collapsed as well indicating that money for the XRP market that is flowing out is far greater than money flowing into the market i.e, the buyers have lost control of the market.
The uptrend for XRP extends from $0.29 to $0.36, while the downtrend extends from $0.90 to $0.37. The support at $0.26 while the resistance points are holding steady at $0.58, $0.68, and $0.90.
The Parabolic SAR indicator shows an obvious bearish trend for XRP’s prices as the markers is formed above the price candles.
The MACD indicator that was steadily rising in a bullish crossover has failed and is now undergoing a bearish crossover.
The Awesome Oscillator shows the transition of green bars into green, which indicates that the prices are decreasing in a bearish trend.
The Aroon, Stochastic and the CMF indicators, indicate a bearish trend for XRP markets during the flash crash. The one-day shows a bearish trend as well as indicated by SAR, MACD and AO indicators.
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