Ripple Technical Analysis: XRP/USD bears take price below $0.30
XRP/USD Daily Chart
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- XRP/USD went down from $0.301 to $0.299, breaking the $0.30 support level.
- The price was trending in the green cloud of the Ichimoku indicator before a bearish breakout.
- The relative strength index (RSI) indicator is trending close to the oversold territory.
- On the upside, resistance lies at $0.30, $0.31, and $0.322.
- On the downside, the $0.288 support line is hugely critical. The previous session bounced back from this support line to take the price back above $0.30.
XRP/USD 4-Hour Chart
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- The signal line is diverging up from the MACD line and this indicates more bullish momentum.
- The price is trending in a downward channel.
- Immediate short-term support lies at $0.2997 which the bulls need to defend.
XRP/USD Hourly Chart
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- The price is trending above both the SMA 20 and SMA 50 curves.
- The SMA 20 curve is about to crossover the SMA 50 curve which is a bullish sign.
- There is a slight squeeze in the 20-day Bollinger band which shows decreasing market volatility.
- The price found support above the upward trending line.
- The price is also trending in the upper-half of the Bollinger band.
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.
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