Ripple Price Analysis: XRP/USD drops below pennant formation following bearish Friday
- XRP/USD fell from $0.1985 to $0.1878 this Friday.
- XRP/USD had previously failed to cross above the SMA 50.
XRP/USD daily chart
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XRP/USD went up slightly from $0.1878 to $0.188 as the markets opened this Saturday. This followed a heavily bearish Friday where Ripple fell from $0.1985 to $0.1878 and dropped below the pennant structure, in the process. The bulls have previously tried and failed to conquer the SMA 50 curve. If they do want to regain control, they’ll need to take the price back up to $0.195 to break above the SMA 50 and re-enter the pennant. The 20-day Bollinger jaw has started narrowing, which indicates that the market volatility is decreasing. The RSI has settled around the neutral zone, while the Elliott Oscillator has had a red session after 25 straight green 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.
