XRP/USD Technical Analysis: Bears to take a bite out of the coin as bull wait in the distance

The cryptocurrency market has continued to take a beating from the bear, with major cryptocurrencies dropping above 5% of their value in just the last 24 hours. The highest valued altcoin, XRP, has also gone along with the trend, shedding 5% of its value in the same timeframe. The technicals seem to go along with this conclusion, as can be seen by the graphs.

1 hour:

The short term outlook for XRP shows an uptrend from $0.338 – $0.36, with a downtrend from $0.503 – $0.402 – $0.382. A support is visible at $0.338, with resistances set at $0.404, $0.427, and $0.461.

The MACD is demonstrating a bearish crossover, with the MA line moving below the signal line.

The Awesome Oscillator is bearish, with the emergence of red lines showing the same.

The Parabolic SAR is bearish.

1 day:

There is an uptrend from $0.27 – $0.369, with the dominant downtrend presenting itself from $0.90 – $0.555 – $0.395. A support level is present at $0.262, with resistances at $0.582, $0.689.

The Aroon indicator is showing that the uptrend is losing power, with the downtrend also moving downwards.

The Chaikin Money Flow recently moved above the 0 line, indicating that money is flowing into the market.

The RSI is recovering from oversold zone as seen by the indicator dipping below the oversold zone.

Conclusion:

In the long term outlook, the prediction looks slightly bullish, with the market trying to beat back a recovery. However, it seems that the price will continue to move downwards before the coin seeks the realm of the bull.

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