Ripple price analysis: XRP/USD creeps above the upper 20-day Bollinger Band curve
- XRP/USD bounced off the $0.268 this Saturday and is trending in an upward channel pattern.
- XRP/USD broke past the resistance at $0.284 today, in the process of negotiating with the $0.292-level.
XRP/USD spiked from $0.278 to $0.292, going up by 5% today. The daily chart shows us that the price bounced off the $0.268 this Saturday. The price has been trending in an upward channel pattern and broke past the $0.284 resistance level in the process. The bulls must shoot the price past the $0.302 resistance level to continue the positive momentum. The hourly chart shows us that the market has found intraday resistance at $0.292 and is struggling to break past it.
XRP/USD daily chart
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The daily chart shows us that XRP/USD has peeked above the upper 20-day Bollinger curve. This indicates that the price is currently overvalued and may be facing bearish correction soon. The price is trending above the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. The Bollinger width shows us that it has widened from 0.217 to 0.235 over the last three days, indicating increasing market volatility. The Relative Strength Index (RSI) indicator is trending around 62.75 and the Elliott Oscillator has had a bullish session following two straight bearish sessions.
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.
