Ripple price analysis: XRP/USD dips below the 20-day Bollinger band
|- XRP/USD went down from $0.36 to $0.328 this Thursday.
- The price dipped below the SMA 200 curve for the first time since 14th May 2019.
XRP/USD managed to do a hattrick of bearish days as the price went down from $0.36 to $0.328 this Thursday. Looking at the hourly breakdown, we can see that XRP/USD found intraday support on the $0.322 level and recovered the price up to $0.328. Intraday resistance is at $0.336, which the bulls will need to overcome.
XRP/USD daily chart
The price has gone below the 20-day Bollinger band, indicating that XRP/USD is undervalued. This shows that more bullish correction is on the horizon. The 50-day simple moving average (SMA 50) curve is looking to cross over with the SMA 20 curve, which is a heavily bearish sign. This Thursday’s price session also took the price below the SMA 200 curve for the first time since 14th May 2019.
The moving average convergence/divergence (MACD) curve shows increasing bearish momentum and the relative strength index (RSI) indicator has dipped into the oversold zone.
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