Ripple price analysis: XRP/USD keeps getting knocked down by the downward trending line
- The Elliott Oscillator has had two red sessions after five straight green sessions.
- The RSI indicator is inside the oversold zone, hinting at bullish correction.
XRP/USD daily chart
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XRP/USD has dropped slightly from $0.214 to $0.213 in the early hours of Thursday. The daily price has repeatedly been thwarted by the resistance provided by the downward trending line. The price is floating below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The Elliott Oscillator has had two red sessions after five straight green sessions, while the Moving Average Convergence/Divergence (MACD) indicates decreasing bearish momentum. The Relative Strength Index (RSI) indicator is trending around 29.25 inside the oversold zone, which may trigger an upcoming bullish correction.
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.
