Ripple technical analysis: XRP/USD drops below the upward channel formation
- XRP/USD kept falling after dropping below the $0.30-level.
- The Relative Strength Index is hugging the edge of the oversold territory in the hourly chart.
XRP/USD daily chart
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XRP/USD went down from $0.2905 to $0.289 so far this Friday. After dropping below the $0.30-zone and the upward channel formation this Thursday, the bears have remained in control. The Moving Average Convergence/Divergence (MACD) indicates sustained bearish sentiment. The 20-day Simple Moving Average (SMA 20) acts as immediate market resistance.
XRP/USD 4-hour chart
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The 4-hour market broke past the green Ichimoku cloud and has found resistance at the red cloud. The Elliott Oscillator has had seven straight red sessions.
XRP/USD hourly chart
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The hourly chart is trending horizontally inside the 20-day Bollinger band. The SMA 20 curve acts as immediate market resistance while the constricting of the 20-day Bollinger jaw shows decreasing price volatility. The Relative Strength Index is hugging the edge of 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.
