The XRP price has depreciated considerably over the last 24 hours. The price of the altcoin continues to totter near the $0.47 price mark.
The bears seem to be back on the charts for XRP. Over the last 24 hours, the XRP price fell by 4.12%.
On the other hand, the coin has rallied by over 30% in the past week. The technical indicators of the altcoin also started to paint bearish price action on the one-day chart.
The bulls have lost steam in the past week owing to an increase in selling strength in the market.
The indicators have yet to move into the excess selling zone, but the major technical outlook indicated that the buyers were leaving the market.
This could be termed a price pullback for XRP after the positive investor interest over the last week that caused the rally.
The global cryptocurrency market cap today is $971 billion, with a 0.8% negative change in the last 24 hours.
XRP Price Action: One Day Chart
The altcoin had secured a rally in the last week when it surged to touch the $0.54 mark. The XRP price was trading within an ascending trendline from which it broke away due to a decline in buying strength.
The resistance mark for the coin stood at $0.48, a move above which XRP could falter near the $0.51 price level. The support zone for the coin rested at $0.42.
A fall from the aforementioned support line will drag XRP to $0.38. The amount of XRP traded in the last session was in red, signifying that buying strength fell slightly on the chart.
Technical Analysis
With buying strength increasing significantly as XRP rallied, the coin was overbought in the past week. Usually, when the coin is overvalued, a price pullback is anticipated. On the one-day chart, XRP fell from its overvalued zone.
The Relative Strength Index was falling near the 60-mark, which meant that the coin was meeting with an increase in selling pressure.
The XRP price was still above the 20-SMA line, signalling that demand was still present in the market and that buyers were also driving the price momentum.
If buyers hold onto the price momentum, then XRP can attempt to break past its immediate resistance mark.
Buyers have not completely faded out of the market because the XRP price displayed a buy signal on the 24-hour chart.
The Moving Average Convergence Divergence tells us the price momentum and overall direction of the altcoin. MACD continued to show green signal bars, which were tied to the buy signal for XRP.
Despite the presence of the green signal bars, they were declining in size, meaning that bullish momentum was fading at the time of writing.
The Chaikin Money Flow shows the amount of capital inflows and capital outflows at a given time. CMF was also positive as the indicator was above the half-line, indicating more capital inflows compared to outflows.
Featured image from Mint, chart from TradingView.com