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Ripple price analysis: XRP/USD dips back into the Bollinger band

  • XRP/USD is currently trading for $0.29.
  • RSI indicator drops down from the overbought zone.
Ripple price analysis: XRP/USD dips back into the Bollinger band
Rajarshi MitraRajarshi MitraIndependent Analyst

XRP/USD bears stepped in this Thursday to correct the price following a bullish Wednesday. The price of Ripple went down from $0.315 to $0.291, going below the $0.30-zone in the process. The hourly breakdown of Ripple shows us that the price fell from $0.315 to $0.302 within one hour. 

XRP/USD daily chart

fxsoriginal

The price went above the 20-day Bollinger Band this Wednesday, indicating that it was overvalued and was due for a bearish correction. The bears promptly brought the price back inside the Band. The Moving Average Convergence/Divergence (MACD) indicator shows increasing bullish momentum. The Relative Strength Index (RSI) indicator has dropped from the overbought zone to 60.93. 
 

Author

Rajarshi Mitra

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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