XRP and Stellar Lumens [XLM] Price Analysis: Bears ravage coins as market stagnates

The cryptocurrency market has been on a roller coaster ride, however, the market trend has been favoring some altcoins, like Binance Coin which managed to register a 315% rise in 2019. XRP, the third largest cryptocurrency has been under the bear attack for the past few days, along with its competition Stellar Lumens [XLM].

XRP

At press time, XRP was valued at $0.3262, with a market cap of $13.69 billion. The 24-hour trading volume of the coin was $941 million as it fell by 1.84% over the past day. XRP has been falling for the past few days, thus the growth over seven days was noted be a mere 0.03%. The coin continued to fall by 0.16% within the past hour.

Source: Trading View

According to the long-term chart of XRP, a massive downtrend was traced from $0.5551 to $0.3660, followed by a gradual minimal uptrend from $0.2895 to $0.3200. Due to the current volatility in the market, the immediate resistance was marked at $0.3660 and support at $0.3064.

Bollinger Bands appeared to have diverged. The moving average line was over the candlesticks indicating a bearish trend.

Awesome Oscillator noted a negligible bullish trend in the market.

Chaikin Money Flow pointed towards a bearish trend as the marker was under zero.

Stellar Lumens [XLM]

XLM plunged by 1.96% over the past day and continued to dip by 0.62% within the past hour. It was valued at $0.1145 with a market cap of $2.21 billion. The 24-hour trading volume of the coin was noted to be $228 million and noted a plunge by 0.41% over the past week.

Source: Trading view

Source: Trading View

According to the one-day chart of XLM, a downtrend was observed from $0.2775 to $0.1340. The coin did not make a complete recovery from this fall, however, noted a gradual uptrend from $0.0872 to $0.1127. The resistance of the coin was marked at $0.1340 and support at $0.1127.

Parabolic SAR pointed towards a bearish reign in the market as the markers aligned above the candlesticks.

MACD line was under the signal line, indicating a bearish market.

Relative Strength Index indicated that the buying and the selling pressures had evened each other.

Conclusion 

According to the data collected from the long-term charts, a bearish trend is predicted for XRP and XLM.


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Namrata Shukla


Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.


Crypto Destroyer