Ripple Price Analysis: XRP/USD bears take control, will the $0.200 support level hold?

XRP/USD is consolidating in a flag formation over the last four days.
The Elliott Oscillator has had six straight red sessions, falling from -0.0296 to - 0.0515.

Rajarshi Mitra Independent Analyst

XRP/USD daily chart

XRP/USD bears took control of the market in the early hours of Thursday, as the price fell from $0.2087 to $0.2007. The bulls will need to protect the $0.200 support level. This Sunday, the price fell drastically, before finding support at the lower curve of the 20-day Bollinger Band. Ever since then, the market has been trending, more or less horizontally. The MACD indicates sustained bearish momentum, while the Elliott Oscillator has had six straight red sessions, falling from -0.0296 to - 0.0515. Finally, the RSI indicator has dipped a bit from 36.90 to 33.50 over the last two days indicating bearish dominance.

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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