Ripple technical analysis: XRP/USD continues dropping after encountering resistance at $0.302
- The Elliott Oscillator has had a bearish session following five straight bullish sessions.
- The four-hour chart has found strong support at the SMA 20 curve.
XRP/USD daily chart
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XRP/USD dropped from $0.302 to $0.294 this Friday and has fallen further to $0.293. The market is floating above the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. The Elliott Oscillator has had a bearish session following five straight bullish sessions.
XRP/USD four-hour chart
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The four-hour XRP/USD price has found strong support on the SMA 20 curve. They will need to overcome resistance at $0.295. The 20-day Bollinger width is trending around 0.0846, indicating normal market volatility. The Moving Average Convergence/Divergence (MACD) shows sustained bearish momentum.
XRP/USD hourly chart
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The hourly XRP/USD is trending in a triangle formation and is floating above the green Ichimoku cloud. The buyers must aim for the $0.295 resistance line to break above the triangle. The Relative Strength Index (RSI) indicator is trending around 51.56, around the neutral zone.
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.
