Rajarshi Mitra
Independent Analyst
- XRP/USD drops below the upward trending line.
- Hourly XRP/USD chart dipped below the red Ichimoku cloud.
XRP/USD daily chart
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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
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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
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