Ripple Price Analysis: XRP/USD bears take control as price consolidates above $0.26
- Both the MACD and Elliott Oscillator shows bearish market sentiment.
- Interestingly, the SMA 50 has crossed over SMA 200 to chart the golden cross pattern.
XRP/USD daily chart
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XRP/USD bears continued to make their presence felt as the price dropped from $0.271 to $0.2675. This follows a heavily bearish Monday where XRP/USD plummetted from $0.284 to $0.271. The price is trending in a downward channel formation, while SMA 20 acts as immediate market resistance. On the downside, the SMA 50 has crossed over the SMA 200, to chart the bullish golden cross pattern. However, both the MACD indicator and Elliot Oscillator show that the overall market sentiment is definitely bearish, despite bullish fightback.
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.
