Ripple Price Analysis: XRP/USD bears remain in control as price keeps consolidating above the $0.16 level
- XRP/USD dropped from $0.1631 to $0.1619 this Wednesday.
- Despite the bearish price movement, the MACD indicator shows increasing bullish momentum.
Key Levels
- Current Price: $0.1617
- Open: $0.1619
- High: $0.1632
- Low: $0.1611
- R3: $0.1741
- R2: $0.1698
- R1: $0.1658
- PP: $0.1615
- S1: $0.1576
- S2: $0.1533
- S3: $0.1494
XRP/USD daily chart
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The bears retained control of the market in the early hours of Thursday as the price fell from $0.1619 to $0.1617. If the bulls want to regain control, they will need to overcome resistance at the $0.1658-level and the SMA 20 curve. The upward trending line needs to hold firm to make sure that the price doesn’t fall any further. Despite the bearish price action, the MACD and Elliott Oscillator both indicate increasing bullish market sentiment. Finally, the RSI is trending horizontally around the 41.45-level.
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.
