Ripple technical analysis: XRP/USD continues dropping after encountering resistance at $0.302
|- The Elliott Oscillator has had a bearish session following five straight bullish sessions.
- The four-hour chart has found strong support at the SMA 20 curve.
XRP/USD daily chart
XRP/USD dropped from $0.302 to $0.294 this Friday and has fallen further to $0.293. The market is floating above the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. The Elliott Oscillator has had a bearish session following five straight bullish sessions.
XRP/USD four-hour chart
The four-hour XRP/USD price has found strong support on the SMA 20 curve. They will need to overcome resistance at $0.295. The 20-day Bollinger width is trending around 0.0846, indicating normal market volatility. The Moving Average Convergence/Divergence (MACD) shows sustained bearish momentum.
XRP/USD hourly chart
The hourly XRP/USD is trending in a triangle formation and is floating above the green Ichimoku cloud. The buyers must aim for the $0.295 resistance line to break above the triangle. The Relative Strength Index (RSI) indicator is trending around 51.56, around the neutral zone.
Key Levels
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