XRP and Stellar Lumens [XLM] Price Analysis: Coins struggle to cope with bearish pressure

XRP, the third largest cryptocurrency, saw huge amounts of funds being moved earlier today. XRP was priced at $0.3701, with a market cap of $15.5 billion, at press time. The 24-hour trade volume came up to be $1.9 billion out of which, ZBG contributed 6.90% via XRP/USDT pair. XRP had fallen by 7.31% over the last 24 hours, at press time.

XRP’s competitor, Stellar Lumens [XLM] was priced at $0.122, with a market cap of $2.35 billion. The 24 hour trade volume came up to be $416 million, out of which BW.com contributed 10.84% via XLM/USDT pair. XLM fell by 8.61% over the last 24 hours, at press time.

1 day-XRP

Source: TradingView

The 1 day chart for XRP showed a downtrend from $0.5821 to $0.4550. The support point stood at $0.2881. The resistance points were seen at $0.4546 and $0.5247.

The Parabolic SAR showed a bearish trend as the dotted markers were formed on top of the candlesticks.

The MACD indicator hinted at a bearish crossover.

The Relative Strength Index indicated that the buying pressure was falling as the graph was seen to be in a downward move, indicating bearish trend.

1 day- XLM

Source: TradingView

The 1 day chart for XLM showed a downtrend from $0.2775 to $0.1430. The support point stood at $0.0738. The resistance points were seen at $0.1432 and $0.2541.

The Klinger Oscillator showed a bearish trend as the Klinger Oscillator dropped below zero, along with a drop in price

The Chaikin Money Flow crept below zero, indicating a greater outflow of capital, than inflow

The Relative Strength Index showed a decrease in buying pressure, indicating a bearish phase for the coin market.

Conclusion

The 1 day chart for XRP showed an overall bearish trend, as indicated by the aforementioned indicators. The same can be said about XLM.

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