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