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.
XRP/USD daily chart
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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
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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
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.
