XRP posted a mild recovery after the Saturday flash crash that saw the native token plunge by more than 30% in a couple of hours. The correction in the price levels was expected as the token was sitting on the brink of an imminent market crash long before the occurrence of the recent panic sell-offs. XRP bounced back after hitting the lows, by more than 32%, fuelling hopes for a fresh uptrend in the coin market.
At the time of writing, XRP was changing hands at $0.78, falling by more than 7% in the last 24 hours. Its market cap has since retraced back to $36.90 billion from $45.10 billion back on November 27 this year, while its 24-hour trading volume currently stood at $3.47 billion. Let us look into its price technicals.
XRP technical analysis
As gauged from the above 1-day price chart, the daily moving averages 50 DMA [Pink] and the 100 DMA [Green] underwent a bearish crossover and are treading above the price candles, resisting from an uptrend and in turn validating the bearish thesis. Similarly, the closing bars in red of Awesome Oscillator [AO] also depicted a growing downtrend in the coin market.
The Chaikin Money Flow [CMF] hovering close to zero line is not exhibiting any change in the capital inflows., The MACD on the other hand is aligning with the bears. With respect to the trading activity, the Relative Strength Index [RSI] indicator cruising below the 30 mark indicates an oversold condition in the asset’s price movement.
Even though the overall price outlook hints at a downtrend in the coin market, the asset’s quick rebound from its steep correction last Saturday depicts that a recovery is in progress but might push its price trajectory further downwards if Bitcoin [BTC] price action fails to rally and proceeds to crash again.