Rajarshi Mitra
Independent Analyst
- 12 out of the last 13 sessions on the Elliott Oscillator have been bullish.
- The daily XRP/USD chart has found support at the SMA 50 curve.
XRP/USD is on course of charting a second straight bearish day. So far today, the price has dropped slightly from $0.271 to $0.27. The hourly chart shows us that XRP/USD had initially declined to $0.2698 before the buyers rallied together and pushed it back into the $0.27 zone. Previously, XRP/USD had a particularly bearish Thursday wherein the price of the asset fell from $0.282 to $0.271 after encountering resistance at the upper 20-day Bollinger curve.
XRP/USD daily chart
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The daily XRP/USD chart is floating above the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves, having found support at the SMA 50. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator shows us decreasing market momentum, while 12 out of the last 13 sessions in the Elliott Oscillator have been bullish.
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