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.

Rajarshi Mitra Independent Analyst

XRP/USD daily chart

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

XRP/USD

Overview
Today last price	0.2751
Today Daily Change	-0.0011
Today Daily Change %	-0.40
Today daily open	0.2762

Trends
Daily SMA20	0.2872
Daily SMA50	0.2641
Daily SMA100	0.2283
Daily SMA200	0.2156

Levels
Previous Daily High	0.3043
Previous Daily Low	0.2632
Previous Weekly High	0.2922
Previous Weekly Low	0.2547
Previous Monthly High	0.328
Previous Monthly Low	0.2485
Daily Fibonacci 38.2%	0.2789
Daily Fibonacci 61.8%	0.2886
Daily Pivot Point S1	0.2582
Daily Pivot Point S2	0.2401
Daily Pivot Point S3	0.2171
Daily Pivot Point R1	0.2993
Daily Pivot Point R2	0.3223
Daily Pivot Point R3	0.3404

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Stellar Price Forecast: XLM slips below $0.22 as bearish momentum builds

Stellar (XLM) price is trading below $0.22 at the time of writing on Wednesday after failing to close above the key resistance earlier this week. Bearish momentum continues to strengthen, with open interest falling and short bets rising.

Pi Network Price Forecast: PI struggles to rebound amid muted demand

Pi Network (PI) edges higher by almost 1% at press time on Wednesday, bouncing off the $0.2000 level after a four-day decline. The recovery lacks momentum as the social interest surrounding Pi Network declines. Technically, PI is at a crossroads, struggling for a rebound as momentum is lacking.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risks as breakout attempts falter

Ripple Technical Analysis: XRP/USD consolidates above $0.275 under bearish pressure