Ripple price analysis: XRP/USD is floating inside the green Ichimoku cloud
- XRP/USD is currently consolidating in a flag formation, waiting for a breakout.
- The Elliott Oscillator has had three straight bullish sessions.
Ripple has found strong support at $0.295, which is holding up the price of XRP/USD. This Monday, the price fell from $0.299 to $0.295, which has since gone up to $0.297 in the early hours of Tuesday. The bulls will need to break past the resistance at $0.299 to get into the $0.30 - zone. The hourly XRP/USD shows us that buyers had initially taken the price up to $0.305 before it dropped to $0.296. Following that, the price has trended around the $0.30 zone, as the buyers and sellers engaged in a back-and-forth, before settling at $0.295.
XRP/USD daily chart
XRP/USD is floating inside the green Ichimoku cloud and has found support at the SMA 20 curve. The price is consolidating in a flag formation and is getting primed for a potential breakout. The Moving Average Convergence/Divergence (MACD) indicator shows sluggish bullish momentum, while the Elliott Oscillator has had three straight green sessions. The Relative Strength Index (RSI) indicator is trending around 59.20.
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.
