Ripple Price Analysis: XRP/USD bears remain in control as price breaks below the upward trending line
- XRP/USD fell from $0.188 to $0.1862 this Tuesday.
- XRP/USD has broken below the SMA 50 in the hourly chart.
XRP/USD daily chart
XRP/USD bears remained in control for the third consecutive day as the price fell from $0.1862 to $0.185 in the early hours of Wednesday. The bulls have repeatedly tried and failed to overcome resistance at the SMA 50 curve, since running out of steam near the $0.202 line. The price has found support at the upward trending line and SMA 20. The Elliott Oscillator has had four straight red sessions, corroborating the bearish price action.
XRP/USD hourly chart
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The hourly price chart shows that over the last seven hours, the price has dropped below both the SMA 20 and SMA 50 curves. The MACD shows increasing bearish momentum, while the Elliott Oscillator has had seven consecutive red sessions. The 20-day Bollinger jaw has narrowed, which indicates decreasing price volatility.
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.
