Stellar Lumens [XLM/USD] and XRP/USD Price Analysis: Sideways clamp holds strong as prices stagnate

The cryptocurrency market’s rollercoaster movement has been an ongoing trend with several coins falling prey to it. The volatility has not been a contained event but is rather something that has affected almost every asset on the cryptocurrency charts. XRP, the third largest cryptocurrency is a prime example of the bear’s hold on the market as shown by the lack of any drastic price change or market cap. Stellar Lumens [XLM], on the other hand, had performed relatively better during the bull run but fell short in terms of sustained positive growth.

XRP 1 day:

Source: TradingView

Source: TradingView

The one-day graph for XRP showed a downtrend that resulted in the falling from $0.514 to %0.366. The long term support for XRP was at $0.28.

The Parabolic SAR was below the price candles which meant that the cryptocurrency was going through a slight bullish atmosphere.

The Relative Strength Index was in the middle of the graph, a sign of the equilibrium between the selling pressure and the buying pressure.

The MACD indicator had undergone a bearish crossover after the convergence of the signal line and the MACD line. The MACD histogram was a mix of bearish and bullish signals.

XLM 1 day:

Source: TradingView

Source: TradingView

XLM’s one-day graph painted a similar picture to that of the  XRP graph with a downtrend that lowered its value from $0.277 to $0.135. The long term support for XLM was at $0.0749.

The Chaikin Money Flow indicator was above the zero line as the capital coming into the market was more than the capital leaving the market.

The Awesome Oscillator had risen in amplitude after the XLM market momentum increased.

The Bollinger bands saw the upper band and the lower band clamp in a parallel movement due to the ongoing sideways movement. The size of the Bollinger cloud was also reflective of the lack of any significant price outbreak.

Conclusion:

The above-mentioned indicators stated that the sudden bull run had completely come to an end and that the bear was back in the driver’s seat. XRP and XLM both incurred losses during the bearish fall and a major reprieve for their prices looks hard to come by.

 

The post Stellar Lumens [XLM/USD] and XRP/USD Price Analysis: Sideways clamp holds strong as prices stagnate appeared first on AMBCrypto.

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