Over the past couple of weeks, the cryptocurrency market has had a roller-coaster experience. From surging into bullish territories over one week while crashing like there’s no tomorrow over the next, cryptocurrency prices have been fluctuating, to say the least.
Despite the fall in prices, some cryptocurrencies have been headstrong in maintaining their standards. The two best examples for this are XRP and Ethereum who have maintained a steady climb over the past 24-hours.
Ethereum’s price rise has been consistent in the last couple of months and the latest week’s increase has only given weight to co-founder Vitalik Buterin’s argument that the token was reliable. At press time, Ethereum was trading for $341.21 at a market cap of $38.386 billion. A 3 percent increase over the past 24-hours had elevated the daily trading volume to $25.79 billion.
The largest altcoin’s technical analysis showed that there might be a few reasons why fans of the cryptocurrency might need to remain wary. The Relative Strength Index had crashed towards the oversold zone in September, which meant that the selling pressure had overtaken the buying pressure.
At the same time, the Chaikin Money Flow indicator fell below the zero line. This event occurred for the first time since March because of the lack of capital coming into the market while there was a lot of outflows. The Parabolic SAR also sided with the bear as the markers stayed above the price candles.
XRP, Ripple’s native cryptocurrency, and surprisingly one of the gainers in the top 10 crypto club. A 24-hour increase of 0.58 percent had taken the token’s price to $0.235 with a market cap of $10.6 billion. The 24-hour market volume had also climbed to $1.71 billion. XRP’s technical analysis also had a bearish undertone to its indicators as the CMF, RSI and the Parabolic SAR all pointed to a bear’s reign.
The Parabolic SAR markers were above the price candles after a stagnant price movement. The Relative Strength Index on the other hand took a similar pattern to that of Ethereum’s, falling to its biggest low since July of this year. Only the Chaikin Money Flow indicator displayed a positive sign as the graph moved up towards the zero line. If it continues down this path, it would mean that more and more people were investing in the XRP market.