Ripple technical analysis: XRP/USD crashed by 9.7% in two hours on Wednesday
- XRP/USD fell below the $0.40-level over the last two days.
- The price is currently trending in a downward channel formation.
XRP/USD daily chart
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XRP/USD has gone down from $0.36 to $0.356 in the early hours of Thursday, following Wednesday’s crash. The 50-day simple moving average (SMA 50) has crossed over with the SMA 20 curve, which is a bearish sign. The daily price chart is trending in a downward channel formation. The relative strength index (RSI) indicator is trending around 36.36, right next to the oversold territory.
XRP/USD 4-hour chart
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The 4-hour price chart is currently consolidating in a flag formation, following the price crash, which pushed the price below the lower curve the 20-day Bollinger band. The price eventually trended back inside the band. The widening of the 20-day Bollinger jaw shows increasing market volatility. The SMA 50 has crossed over the SMA 20, indicating bearish sentiment. The moving average convergence/divergence (MACD) indicator shows increasing bearish momentum.
XRP/USD hourly chart
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The hourly chart shows a better representation of the price crash. XRP/USD fell from $0.39 to $0.354 within two hours. The price is trending in a flag formation, getting primed for a breakout. The Elliot oscillator shows six bullish sessions in a row following the crash, which shows that the bulls are attempting a comeback.
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.
