Ripple price analysis: XRP/USD buyers bounce off $0.293 support level
- XRP/USD is floating inside the green Ichimoku cloud.
- Elliott Oscillator has had four bearish sessions in a row.
Following three straight bearish days, the buyers were able to bounce off the $0.293 support level to go up to $0.2945. Let’s look at the hourly breakdown for Friday and Saturday. This Friday, XRP/USD dropped all the way to $0.287, where it found intraday support, and since then, the price has been on an upward trajectory. Looking at the daily chart, we can see that the buyers will need to rally together and break past the resistance that the $0.30 level.
XRP/USD daily chart
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The daily price is floating inside the green Ichimoku cloud and has found support at the 20-day Simple Moving Average (SMA 20) curve. The Bollinger width is around 0.104, indicating decreasing price volatility. The Elliott Oscillator has had four red sessions in a row, while the Moving Average Convergence/Divergence (MACD) indicates increasing bearish momentum.
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.
