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.

Rajarshi Mitra Independent Analyst

XRP/USD daily chart

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

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

XRP/USD

Overview
Today last price	0.1903
Today Daily Change	0.0013
Today Daily Change %	0.69
Today daily open	0.189

Trends
Daily SMA20	0.1848
Daily SMA50	0.1865
Daily SMA100	0.2208
Daily SMA200	0.2328

Levels
Previous Daily High	0.192
Previous Daily Low	0.1865
Previous Weekly High	0.2053
Previous Weekly Low	0.1767
Previous Monthly High	0.2468
Previous Monthly Low	0.1129
Daily Fibonacci 38.2%	0.186
Daily Fibonacci 61.8%	0.1814
Daily Pivot Point S1	0.1863
Daily Pivot Point S2	0.1836
Daily Pivot Point S3	0.1808
Daily Pivot Point R1	0.1918
Daily Pivot Point R2	0.1947
Daily Pivot Point R3	0.1974

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.

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Ripple Price Analysis: XRP/USD attempts to break above the triangle formation in the daily chart