The new week opened with a bear crunch as the cryptocurrency market saw almost all of its September gains being wiped off. As Bitcoin plummeted on Monday, the altcoin market followed suit. XRP was one of the biggest losers on the charts with the cryptocurrency dropping to 7th place.
At press time, XRP was trading for $0.91 after a 13.6 percent dip ripped through the market. The double-digit gains were also reflected in the 13.8 percent weekly price dip. XRP’s price action was similar to a lot of other alts which witnessed vertical crashes. The wipeout caused the market cap to fall to $42.5 billion, a significant 8 billion lower than Binance Coin.
XRP 1 hour:
XRP’s immediate support fell to 0.91 after maintaining a steady price action for the past 14-days. The avalanche was triggered by the formation of two massive red candles following which the support stood no chance.
Bollinger bands: The lower Bollinger band crashed towards the bottom of the graph as the cloud opened up. Losing the price hold can lead to further crunches in the market share.
Relative Strength Index: The RSI fell below the oversold zone, a sign of the depleting number of HODLers. According to the indicator, a large sell-off occurred right as the price broke immediate support.
Chaikin Money Flow: Understandably, the CMF curved below the zero lines. This meant that the capital leaving the XRP marker had overtaken the influx.
XRP 1 day:
Long-term support was still holding the level formed in August. The $0.52 level was not under threat yet, even as the last red candle loomed ominously.
Relative Strength Index: Just like in the hourly charts, XRP’s level fell towards the oversold zone. This was in stark contrast to the highs achieved in August.
Chaikin Money Flow: The sharp decrease only added to the bearish environment as the capital was also reduced. A large push of new investors was now required to prop the graph back up.
Bollinger bands: The two bands diverged from one another as the Bollinger cloud held the potential for more growth. Currently, the latest red candle was en route falling out of the cloud.