Ripple Technical Analysis: Bears take over the market as XRP/USD goes through a consolidation period
|- XRP went down from $0.36 to $0.355 as bears took over during the early sessions of Tuesday.
XRP/USD Daily Chart
- XRP/USD is currently consolidating in a flag formation.
- The market had a bearish breakout from the triangle formation.
- The market is trending above the 50-day simple moving average (SMA 50) and SMA 20. SMA 200 curve acts as market resistance.
- The relative strength index (RSI) indicator is moving away from the overbought territory.
- The bulls need to defend $0.352 support level.
XRP/USD 4-Hour Chart
- The moving average convergence divergence (MACD) indicator shows that the signal line is diverging away from the MACD line which shows increasing bearish momentum.
- The market is trending below the SMA 20 curve.
- The 20-day Bollinger band is squeezing, which shows decreasing market volatility.
- The MACD indicator shows increasing bearish momentum.
XRP/USD Hourly Chart
- The XRP/USD hourly chart was trending inside the red cloud of the Ichimoku indicator and has since had a bearish breakout from the cloud.
- The latest session shows that bulls are trying to fight back.
- The market sees resistance at the SMA 50 curve while it is trending above SMA 200.
- The Elliot Wave Oscillator shows that market sentiment is currently bearish.
Key Levels
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