Hello volatility, my old friend. XRP joins cryptocurrencies like Cardano [ADA], Dogecoin [DOGE], and an array of other coins in welcoming the bear. Even though the largest cryptocurrencies Bitcoin [BTC] and Ethereum [ETH] were also harboring the bear, they experienced dainty changes in price.
At press time, BTC was trading for $39K while ETH was priced at $2,294. Quite often, the market cap of these assets tends to depreciate during the bear market, however, this time, BTC held on to the $700 billion level.
Over the last couple of days, XRP noted a massive push in the upward direction. The altcoin managed to amass notable gains. At the time of writing, the asset was trading for $0.70 with a 4.17 percent drop over the last 24-hours. During the previous seven days, XRP managed to bag gains of over 22 percent which was the highest after Bitcoin.
XRP gave up its position as the third-largest coin long ago. But the asset remained in the top ten. At press time the altcoin’s market cap was at $32 billion which further gave the asset the 6th rank.
XRP one-hour price chart on Binance
The short-term price chart of the altcoin was seen amassing a bear troupe. The long candlestick noted in the above chart indicated the massive surge in the asset’s price from a low of $0.63 all the way to a high of $0.72.
The Parabolic SAR indicator laid out dotted lines over the candlesticks which further suggested a bearish momentum. This line acted as a barricade against any possible uptrend. The MACD indicator mirrored this sentiment. The MACD line slowly sunk below the signal line which proposed a bearish crossover.
The Relative Strength Index [RSI] revealed a neutral sentiment in the XRP market. This was derived by the RSI marker that was seen residing exactly at the 50 median.
With all these indicators siding with the bear, the chances of XRP surging were bleak.