Ripple Price Analysis: XRP/USD shoots above the 20-day Bollinger Band as bulls take control
- XRP/USD bulls remained in control for two days.
- William’s %R is trending inside the overbought zone so a short-term bearish correction is round the corner.
XRP/USD daily chart
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XRP/USD went up from $0.2112 to $0.2115 as the bulls remained in control of the market for the second straight day. Following this Monday’s bullish action, the price shot above the 20-day Bollinger Band. This – along with the fact that William’s %R is trending in the overbought zone – shows that the price is overvalued and will soon face bearish correction. The MACD shows increasing bullish momentum.
Support and Resistance
The bulls face strong resistance at SMA 200, $0.219 and $0.2265. On the downside, the price is supported by $0.204, SMA 50, SMA 20 and $0.1945.
Key levels
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.
