Ripple price analysis: XRP/USD bears in full control for third day in a row
- XRP/USD is trending inside the green Ichimoku cloud.
- The Elliott Oscillator has had three bearish sessions in a row.
XRP/USD is on course for charting a third straight bearish day. The price of Ripple has dropped from $0.295 to $0.292 in the early hours of Friday. The bulls must gather enough momentum to break past resistance at $0.302 to reverse the bearish momentum. The hourly XRP/USD chart indicates that the price found intraday support at $0.291, after which Ripple trended between $0.294-$0.296 for the next few hours. However, the sellers soon took control of the market and dropped the price down to $0.292.
XRP/USD daily chart
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The XRP/USD price is floating inside the green Ichimoku cloud. We can see that it had earlier tried to creep out of it but failed to do so. The 20-day Simple Moving Average (SMA 20) curve acts as immediate market resistance, while the Moving Average Convergence/Divergence (MACD) indicates increasing bearish market momentum. The Elliott Oscillator has had three bearish sessions in a row.
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.
