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

 


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

SafeMoon Price Prediction: SAFEMOON has one last chance for 65% rally

SafeMoon price experienced a massive sell-off that has pushed it to slice through major support levels, jeopardizing its ability to move higher. Despite this, SAFEMOON currently sits above the last line of defense.

More SafeMoon news

Ripple to keep headquarters in US despite lack of clarity around SEC crypto regulations

While the SEC v. Ripple continues to see no end in sight, the blockchain firm is increasingly moving out of the United States. However, Ripple CEO Brad Garlinghouse stated that the firm is not giving up on the US. SEC Chair Gary Gensler believes that ...

More Ripple news

75% of Ethereum nodes prepared for London hard fork as ETH price surges above $2,700

Roughly 75% of Ethereum nodes are ready for the upcoming upgrade, the London hard fork. The ETH London upgrade is expected to take place on block 12,965,000, scheduled to occur on August 5. Ethereum price managed to slice above $2,700 for the first time since early June. 

More Ethereum news

MATIC Price Prediction: Polygon awaits a trigger that could propel it 68%

MATIC price has stayed lull after July 26 swing high at $1.137. The sideways movement indicates a build-up of pressure, which could lead to a massive move in either direction. A breakdown of the $0.90 demand barrier will invalidate the bullish thesis.

More Polygon news

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP