Ripple technical analysis: XRP/USD consolidates in flag formation after failing at the $0.30 zone
|- XRP/USD drops below the upward trending line.
- Hourly XRP/USD chart dipped below the red Ichimoku cloud.
XRP/USD daily chart
The XRP/USD price failed around the $0.30 zone on 17th October and has settled around the $0.29 level. The price has been consolidating horizontally in a flag formation and has dropped below the upward trending line. The price is floating above the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. The Moving Average Convergence/Divergence (MACD) indicates a reversal of bullish momentum.
XRP/USD four-hour chart
The two latest sessions have dropped the four-hour XRP/USD chart below the support provided by the SMA 20 and SMA 50 curves. The 20-day Bollinger jaw has widened a bit, which indicates increasing market volatility. The four-hour chart had earlier encountered resistance at the upper 20-day Bollinger curve. The Elliott Oscillator has had two straight bearish sessions following six consecutive bullish sessions.
XRP/USD hourly chart
The hourly chart dropped into the red Ichimoku cloud after failing at the $0.296 level. After two hours, XRP/USD peeked above the red Ichimoku cloud, before the latest session dropped the price below the cloud. Currently, the $0.287 support level is keeping the hourly price up. The Relative Strength Index (RSI) indicator is trending around 32.30, right next to the oversold territory.
Key Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.