Ripple Technical Analysis: XRP/USD consolidates above $0.275 under bearish pressure
- XRP/USD bears have stayed in control of the market for the second straight day.
- The daily price chart has two healthy support levels at $0.264 (SMA 50) and $0.244.
XRP/USD daily chart
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XRP/USD bears have stayed in control of the market for the second straight day as the price fell from $0.2762 to $0.2752. The Elliott Oscillator has had 16 red sessions out of the last 17. The recent bearish price action has dropped the price from the edge of the overbought zone to the neutral area.
The daily price chart shows strong resistance levels at $0.283, $0.286 (SMA 20) and $0.296. On the downside, we have two healthy support levels at $0.264 (SMA 50) and $0.244.
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.
