Ripple Price Analysis: XRP/USD attempts to break above the triangle formation in the daily chart
- XRP/USD flew up from $0.1806 to $0.1908 this Thursday.
- The Elliott Oscillator has had seven straight red sessions in the daily chart.
XRP/USD daily chart
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XRP/USD bulls remained in control for the second straight day as the price went up slightly from $0.1908 to $0.1917. The price is presently trying to break up above triangle formation but has encountered resistance at the downward trending line. If the bulls can push above the triangle, they will need to cross-over the $0.1983 resistance level to re-enter the $0.20-zone. The SMA 20 is on course to cross above the SMA 50, to chart a bullish cross pattern. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator has had seven straight red sessions.
XRP/USD hourly chart
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XRP/USD is consolidating between the SMA 20 and the upper curve of the 20-day Bollinger Band in the hourly chart. The Band is gradually narrowing down, which indicates decreasing price volatility. The RSI has dipped from 54.54 to 50, in the neutral zone.
Key levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
