XRP and Stellar Lumens [XLM] fell prey to the Bitfinex-Tether episode, which saw Bitcoin [BTC] drop by approximately $400 and contribute to a domino effect in the market. At press time, XRP had fallen by 1.29 percent and was priced at $0.299. Market capitalization also took a hit, slumping down to $12.3 billion. It fell by 9.44 percent over the past week.
XLM suffered a similar fate after it experienced a decline of 2.82 percent against the US Dollar. The trade volume garnered was around $196 million and the token was valued at $0.099.
XRP one-day chart
Source: Trading View
XRP’s one-day chart showed that the token underwent sideways movement between the resistance lines at $0.367 and $0.2902. The uptrend extended from $0.3232 to $0.3663 and the downtrend followed, devaluing the token from $0.3671 to $0.339.
The Bollinger Bands indicated a volatile period for the token. However, the markers were converging at press time, foreshadowing reduced volatility in the future.
The Fisher Transform line exhibited a bullish trend for the token as the red line remained below the blue line.
The MACD line pointed towards a bearish trend as the blue line hovered under the red line.
XLM one-day chart
Source: Trading View
XLM’s one-day chart exhibited a major uptrend, extending from $0.083 to $0.1129. The improved valuation took a hit as the price plummeted from $0.1355 to $0.1179. The resistance line remained at $0.135 and the support line was scaled at $0.074.
The Parabolic SAR indicated a bearish trend for the token.
The Relative Strength Index remained neutral, but the buying pressure slightly dominated the selling pressure.
The Awesome Oscillator indicated a predominantly bearish trend. However, a green bar was witnessed, suggesting the possibility of a trend reversal. Currently, the market is offering a bearish selling opportunity.
All the aforementioned indicators suggested that the tokens were going through a bearish phase. However, some of them also indicated a possible change of trend in the near future.
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