It has been quite a dramatic year for XRP. With the Securities Exchange Commission of the United States slapping its parent company Ripple with a lawsuit, to several exchanges abruptly halting support for the altcoin, XRP has had a tough 2021. While several other coins were in the midst of a crypto rally, XRP endured massive losses. The altcoin, however, did not miss out on gains.
Even though the altcoin was in the middle of a lawsuit, it managed to surge over $1. Once again, the bears intervened and destroyed its chances of rising towards $2. At the time of writing, $0.88 with a 1.56% drop over the last 24-hours.
The market cap of the altcoin was at $40 billion which further allowed the asset to sit still as the seventh-largest cryptocurrency. Turns out price wasn’t the only factor that was disrupted by the recent lawsuit. XRP had been residing as the third-largest coin for the longest time and its streak was recently meddled with.
Other cryptocurrencies, during the time of writing, were seen harboring the bull. Bitcoin [BTC] was finally over $40K after a whole three weeks. The overall market cap hit $1.73 trillion, at press time as Bitcoin’s grew to $750 billion.
XRP one-hour price chart on Binance
The short-term price chart of XRP exhibited a strong bearish sentiment. With all the indicators inclining towards the bear, the asset was confirmed to stay below $1 for a while. The Chaikin Money Flow indicator remained below the zero median down by the bearish realm. The Awesome Oscillator followed this trail as it laid out red closing bars alerting the market of the bear.
The MACD line has mainained itself below the signal line since today further forming a bearish crossover,
Further adding on to the ongoing bearish market, the Relative Strength Index and Money Flow Index indicators affirmed a sellers’ notion in the altcoin’s one-hour price chart.