Ripple Technical Analysis: Bears take over the market as XRP/USD goes through a consolidation period

XRP/USD Daily Chart

• XRP/USD is currently consolidating in a flag formation.
• The market had a bearish breakout from the triangle formation.
• The market is trending above the 50-day simple moving average (SMA 50) and SMA 20. SMA 200 curve acts as market resistance.
• The relative strength index (RSI) indicator is moving away from the overbought territory.
• The bulls need to defend $0.352 support level.

XRP/USD 4-Hour Chart

• The moving average convergence divergence (MACD) indicator shows that the signal line is diverging away from the MACD line which shows increasing bearish momentum.
• The market is trending below the SMA 20 curve.
• The 20-day Bollinger band is squeezing, which shows decreasing market volatility.
• The MACD indicator shows increasing bearish momentum.

XRP/USD Hourly Chart

• The XRP/USD hourly chart was trending inside the red cloud of the Ichimoku indicator and has since had a bearish breakout from the cloud.
• The latest session shows that bulls are trying to fight back.
• The market sees resistance at the SMA 50 curve while it is trending above SMA 200.
• The Elliot Wave Oscillator shows that market sentiment is currently bearish.

Key Levels