Ripple technical analysis: XRP/USD consolidates in flag formation after failing at the $0.30 zone
- XRP/USD drops below the upward trending line.
- Hourly XRP/USD chart dipped below the red Ichimoku cloud.
XRP/USD daily chart
-637073990405778262.png)
The XRP/USD price failed around the $0.30 zone on 17th October and has settled around the $0.29 level. The price has been consolidating horizontally in a flag formation and has dropped below the upward trending line. The price is floating above the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. The Moving Average Convergence/Divergence (MACD) indicates a reversal of bullish momentum.
XRP/USD four-hour chart
-637073990011550015.png)
The two latest sessions have dropped the four-hour XRP/USD chart below the support provided by the SMA 20 and SMA 50 curves. The 20-day Bollinger jaw has widened a bit, which indicates increasing market volatility. The four-hour chart had earlier encountered resistance at the upper 20-day Bollinger curve. The Elliott Oscillator has had two straight bearish sessions following six consecutive bullish sessions.
XRP/USD hourly chart
-637073989655291658.png)
The hourly chart dropped into the red Ichimoku cloud after failing at the $0.296 level. After two hours, XRP/USD peeked above the red Ichimoku cloud, before the latest session dropped the price below the cloud. Currently, the $0.287 support level is keeping the hourly price up. The Relative Strength Index (RSI) indicator is trending around 32.30, right next to the oversold territory.
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.
