Ripple Price Analysis: XRP/USD currently overpriced and faces bearish correction

XRP/USD jumped above the $0.20 level and the 20-day upper Bollinger Band.
The RSI in the daily chart is trending horizontally around 67.10, next to the overbought zone.

Rajarshi Mitra Independent Analyst

XRP/USD daily chart

XRP/USD bulls retained control as the price went up from $0.2145 to $0.2147 in the early hours of Wednesday. This followed a heavily bullish Tuesday, wherein the price spiked from $0.1978 to $0.2145, going above the 20-day Bollinger band in the process. Since the price is hovering above the band, it shows that the asset is currently overpriced and may face bearish correction soon. The MACD shows increasing bullish momentum, while the RSI rose from 57.25 to 67.10, following Tuesday’s price action.

XRP/USD hourly chart

The hourly price action shows that a short bearish correction is being immediately written over by the bulls. The hourly price lost steam at the $0.209 and $0.213 levels but quickly recovered. The Elliott Oscillator has had three straight red sessions, while the RSI indicator is hovering at the edge of the overbought zone.

Key levels

XRP/USD

Overview
Today last price	0.2151
Today Daily Change	0.0005
Today Daily Change %	0.23
Today daily open	0.2146

Trends
Daily SMA20	0.1914
Daily SMA50	0.1783
Daily SMA100	0.2174
Daily SMA200	0.2292

Levels
Previous Daily High	0.2182
Previous Daily Low	0.1948
Previous Weekly High	0.1999
Previous Weekly Low	0.1784
Previous Monthly High	0.2468
Previous Monthly Low	0.1129
Daily Fibonacci 38.2%	0.2093
Daily Fibonacci 61.8%	0.2037
Daily Pivot Point S1	0.2002
Daily Pivot Point S2	0.1857
Daily Pivot Point S3	0.1767
Daily Pivot Point R1	0.2236
Daily Pivot Point R2	0.2326
Daily Pivot Point R3	0.2471

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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Ripple Price Analysis: XRP/USD currently overpriced and faces bearish correction