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Ripple technical analysis: XRP/USD consolidates in a flag formation as bulls attempt to break above downward trending line

The daily XRP/USD chart has found support at the SMA 50 curve.
The Elliott Oscillator had a bearish session after six straight bullish sessions.

Rajarshi Mitra Independent Analyst

XRP/USD daily chart

XRP/USD bulls have taken control of the daily price chart following two straight bearish days and are attempting to break above the downward trending line. The price is presently consolidating in a flag pattern. The 200-day Simple Moving Average (SMA 200) curve is floating above the price chart, while SMA 50 acts as immediate market support.

XRP/USD four-hour chart

The four-hour XRP/USD market encountered resistance at the SMA 20 curve and fell and found support at the SMA 50 curve. The 20-day Bollinger jaw has widened, indicating increasing market volatility. The Relative Strength Index (RSI) indicator is trending around 51.65.

XRP/USD hourly chart

The XRP/USD has dipped below the red Ichimoku cloud after encountering resistance at the SMA 50 curve. The buyers have taken the price up from $0.268 to $.272 within two hours. The price broke above the SMA 20 curve and is currently negotiating with resistance at the SMA 50 curve. The Moving Average Convergence/Divergence (MACD) indicator shows us that, after a brief flirtation, the signal line has diverged from the MACD line, which is a bullish sign.

Key Levels

XRP/USD

Overview
Today last price	0.272
Today Daily Change	0.0041
Today Daily Change %	1.53
Today daily open	0.2679

Trends
Daily SMA20	0.257
Daily SMA50	0.263
Daily SMA100	0.2898
Daily SMA200	0.33

Levels
Previous Daily High	0.276
Previous Daily Low	0.2652
Previous Weekly High	0.2879
Previous Weekly Low	0.2515
Previous Monthly High	0.327
Previous Monthly Low	0.2168
Daily Fibonacci 38.2%	0.2693
Daily Fibonacci 61.8%	0.2719
Daily Pivot Point S1	0.2634
Daily Pivot Point S2	0.2589
Daily Pivot Point S3	0.2526
Daily Pivot Point R1	0.2742
Daily Pivot Point R2	0.2804
Daily Pivot Point R3	0.2849

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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