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Ripple Price Analysis: XRP/USD eke out an advantage as the asset becomes overpriced

  • XRP/USD is still hovering above the 20-day Bollinger Band.
  • The RSI indicator is trending inside the overbought zone around 80.95.
Ripple Price Analysis: XRP/USD eke out an advantage as the asset becomes overpriced
Rajarshi MitraRajarshi MitraIndependent Analyst

XRP/USD daily chart

XRP/USD daily chart

XRP/USD went up from $0.305 to $0.327 this Thursday and crossed above the 20-day Bollinger Band, indicating that it was overpriced. Right on cue, the bears stepped in this Friday to check the price to $0.325 and attempt to drop it back inside the Band. The price is still hovering above the SMA 20, SMA 50 and SMA 200 curves. The MACD shows increasing bullish momentum, while the Elliott Oscillator has had three consecutive green sessions. However, since the RSI indicator is still trending inside the overbought zone around 80.95, further price drop could be expected.
 

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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