The entire crypto market was transitioning into the greener side. However, XRP continued to reside in the red zone. Bitcoin [BTC] did get some spirits up high after the king coin rose up above $18K. Cardano [ADA] and Litecoin [LTC] were stealing the spotlight by surging past 5% in the last 24-hours. While all the other coins were recording dainty gains in their price, XRP was undergoing a significant slump.
At the time of writing, the third-largest cryptocurrency, XRP was trading at $0.516 with a 5.13% dip in the last 24-hours. Over the course of the past seven days, the altcoin had witnessed losses of up to 12.37%. Stablecoin Tether [USDT] seemed to alarmingly close to XRP in terms of market cap.
XRP One Hour Price Chart
Two almost parallel lines were formed in the one hour price chart of XRP. The upper trend line was formulated with lower highs at, $0.6333, $0.603, and $0.588. The lower trend line was identified by lower lows at $0.539, $0.505 as well as $0.486. The altcoin had formed a downward sloping channel pattern. The formation of this pattern affirmed that XRP was in for a reversal in trend as the direction of a breakout for this pattern is usually upwards.
The daily moving average indicator was strongly agreeing with the aforementioned pattern. The 50 daily moving average [Blue] was above the 100 daily moving average [Orange]. This further indicated that the XRP market was prepping for the arrival of the bulls.
XRP With Key Indicators
While certain indicators were taking the side of the bulls, a few others were spinning a different story. The Relative Strength Index indicator was seen heading towards the oversold zone as it was at 33.73 median. The MACD indicator was also screaming bears as the MACD line was reposing below the signal line. This crossover is touted as a bearish crossover and XRP traversed into this zone earlier today.
XRP had caught the eye of the entire market with its recent participation in the bull run. The altcoin could get back to that level if the bulls decide to enter its market. XRP could fall below a critical line of support if it continued accommodating the bears.