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

Rajarshi Mitra Independent Analyst

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 price	0.279
Today Daily Change	-0.0037
Today Daily Change %	-1.31
Today daily open	0.2827

Trends
Daily SMA20	0.2649
Daily SMA50	0.2198
Daily SMA100	0.21
Daily SMA200	0.2134

Levels
Previous Daily High	0.3075
Previous Daily Low	0.2687
Previous Weekly High	0.3259
Previous Weekly Low	0.2485
Previous Monthly High	0.2608
Previous Monthly Low	0.1729
Daily Fibonacci 38.2%	0.2835
Daily Fibonacci 61.8%	0.2927
Daily Pivot Point S1	0.265
Daily Pivot Point S2	0.2474
Daily Pivot Point S3	0.2262
Daily Pivot Point R1	0.3039
Daily Pivot Point R2	0.3252
Daily Pivot Point R3	0.3428

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.

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