The cryptocurrency market saw a green opening on March 6 as the prices of multiple tokens recovered from the bear’s wrath. XRP, the third largest coin on the CoinMarketCap, also noted a significant jump in its price. It was valued at $0.3138, at the press time, with a market cap of $13 billion. The token noted a 24-hour trading volume of $798 million and registered a growth of 2.67% over the past day.


XRP marked a fall of 1.25% over the past week, but reported a growth of 0.48% over the 1-hour time frame, at press time.


1-hour


Source: Trading view

Source: Trading view


The one-hour chart of XRP marked a downtrend from $0.3168 to $0.3079, followed by an uptrend from $0.3078 to $0.3184. The token marked resistance at $0.3236 and support at $0.3182.


Bollinger Bands appeared to be converging, reducing the volatility of the market. The moving average line of the token was over the candlesticks, which marked a bearish market.


Awesome Oscillator indicated a weakened bearish momentum.


Chaikin Money Flow also pointed at a bearish market as the marker was under the zero-line.


1-day


Source: Trading view

Source: Trading view


The one-day chart of the coin noted a massive downtrend from $0.5821 to $0.3397, however, no significant uptrends were traced on the 1-day chart. XRP drew resistance at $0.3397 and support at $0.3043.


Parabolic SAR indicated a bearish market as the markers had aligned above the candlesticks.


MACD line was under the signal line and pointed at the bear’s reign.


Relative Strength Index indicated that the buying and the selling pressures evened each other out.


Conclusion


According to Bollinger Bands, Awesome Oscillator, Chaikin Money Flow, Parabolic SAR, and MACD, a bearish reign is predicted for XRP.


The post XRP/USD Price Analysis: Coin loses bull’s support appeared first on AMBCrypto.




Full article