Ripple technical analysis: Bulls attempt a comeback after XRP/USD becomes undervalued


XRP/USD daily chart

  • XRP/USD has had two straight bearish days wherein the price fell down from $0.445 to $0.398.
  • XRP/USD is currently priced at $0.399.
  • During this Tuesday, XRP/USD breached past the support provided by the $0.409-level and the 20-day simple moving average (SMA 20) curve.
  • The Elliot oscillator has had five straight bearish sessions.

XRP/USD 4-hour chart

  • The 4-hour chart shows that the bulls are attempting a comeback. The two latest sessions are bullish and trending in an upward channel formation. Over these sessions, the price has gone up from $0.39 to $0.399.
  • Before these two sessions, XRP/USD had a heavily bearish session, which took the 4-hour price below the lower band of the 20-day Bollinger band, indicating that the price was undervalued. This prompted the bulls to re-enter the market.
  • The SMA 50 has crossed over the SMA 20 curve, which is a bearish sign.
  • The relative strength index (RSI) indicator is bounced off from the oversold territory and is currently trending around 37.65.

XRP/USD hourly chart

  • The bears broke the hourly XRP/USD price below the green cloud of the Ichimoku indicator and it is currently trending below the red cloud.
  • The price formed a head and shoulders pattern and is currently trending in an upward channel formation.
  • The bulls will need to gather enough momentum to break past resistance at $0.405.
  • The moving average convergence/divergence (MACD) indicator shows two straight bullish sessions, indicating that the market momentum in the short-term is bullish.

Key levels

XRP/USD

Overview
Today last price 0.4002
Today Daily Change 0.0022
Today Daily Change % 0.55
Today daily open 0.398
 
Trends
Daily SMA20 0.41
Daily SMA50 0.3556
Daily SMA100 0.3389
Daily SMA200 0.3411
Levels
Previous Daily High 0.4176
Previous Daily Low 0.3839
Previous Weekly High 0.4741
Previous Weekly Low 0.3757
Previous Monthly High 0.4741
Previous Monthly Low 0.2917
Daily Fibonacci 38.2% 0.3968
Daily Fibonacci 61.8% 0.4047
Daily Pivot Point S1 0.3821
Daily Pivot Point S2 0.3662
Daily Pivot Point S3 0.3484
Daily Pivot Point R1 0.4158
Daily Pivot Point R2 0.4335
Daily Pivot Point R3 0.4495

 


 

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