The entire crypto market was crumbling down, and XRP seemed to be leading this journey. The altcoin slumped down below $1 after the bear took over the market and has remained in this zone for a while now. Just as a few other altcoins witnessed dainty signs of recovery XRP, jumped on to this bandwagon. At the time of writing, the altcoin was noted garnering a 2.63% surge over the last 24-hours. The asset’s price was at $0.65, and this was achieved throughout the previous seven days, as it recorded a loss of 22%.
The sudden surge in the price of the asset did not mean the bulls were in to take over. The altcoin’s chart hinted at the presence of the bear. XRP wasn’t the only coin defeated by the bear. Bitcoin [BTC], during press time, was at $34K; even though this is considered a jump from its previous levels, the community hopes to garner more profits from the king coin.
Furthermore, the overall market cap of the crypto-verse had depleted to $1.36 trillion. XRP remained below Dogecoin [DOGE] in terms of the market cap, even if the disparity between the two wasn’t too high.
XRP one-day price chart on Bitfinex
The one-day price chart of XRP wasn’t aligning with the ongoing sentiment in the crypto-verse. The Bollinger Bands indicator wasn’t diverging; hence, the volatility in the market wasn’t too high. The Awesome Oscillator indicator noted that this was for the best, as the bears took over the altcoin’s market. The indicator formed red closing bars to affirm the same.
The Chaikin Money Flow indicator also suggested a bearish notion as the marker remained below the zero median, considered bearish.
In addition to the ongoing notion in the XRP market, the Relative Strength Index [RSI] indicator revealed a sellers’ market. The RSI marker suggested that the altcoin was recovering from being oversold.