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Ripple Technical Analysis: XRP/USD keeps trending in downward channel formation as price drops below $0.27

Ripple Technical Analysis: XRP/USD keeps trending in downward channel formation as price drops below $0.27
Rajarshi MitraRajarshi MitraIndependent Analyst

XRP/USD daily chart

XRP/USD daily chart

XRP/USD bears stayed in control of the market for the second straight day as the price continued trending in a downward channel formation. So far this Wednesday, the price has dropped from $0.2828 to $0.2788. The Elliott Oscillator has had seven straight red sessions. Finally, the RSI is hovering around 61 having dropped below the overbought zone. This shows that Ripple is no longer overvalued.

XRP/USD has strong resistance at $0.2881and $0.31. On the downside, we have healthy support levels at $0..267 (SMA 20), $0.244, $0.2226 (SMA 50) and $0.205.

Key levels

XRP/USD

Overview
Today last price0.279
Today Daily Change-0.0037
Today Daily Change %-1.31
Today daily open0.2827
 
Trends
Daily SMA200.2649
Daily SMA500.2198
Daily SMA1000.21
Daily SMA2000.2134
 
Levels
Previous Daily High0.3075
Previous Daily Low0.2687
Previous Weekly High0.3259
Previous Weekly Low0.2485
Previous Monthly High0.2608
Previous Monthly Low0.1729
Daily Fibonacci 38.2%0.2835
Daily Fibonacci 61.8%0.2927
Daily Pivot Point S10.265
Daily Pivot Point S20.2474
Daily Pivot Point S30.2262
Daily Pivot Point R10.3039
Daily Pivot Point R20.3252
Daily Pivot Point R30.3428

Author

Rajarshi Mitra

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.

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