Ripple technical analysis: XRP/USD on course of having four bearish days out of the last five
- XRP/USD fell from $0.269 to $0.266 in the early hours of Wednesday.
- Hourly XRP/USD chart shows bulls and bears engaged in a tug of war.
XRP/USD daily chart
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XRP/USD on course of having two straight bearish days and four bearish days out of the last five. The price is trending horizontally right now and is below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The price has fallen from $0.269 to $0.266 in the early hours of Wednesday. XRP/USD has been trending between $0.277 to $0.266 for the last eight days. The moving average convergence/divergence (MACD) indicator shows seven straight bullish sessions.
XRP/USD 4-hour chart
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The latest prices session of the 4-hour chart has fallen down and found support on the lower curve of the 20-day Bollinger band and the $0.265 support level. The price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The SMA 20 curve was going to cross over with the SMA 50 curve before it diverged away. The Elliott oscillator shows eight bearish sessions out of the last nine.
XRP/USD hourly chart
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The hourly chart shows a tug-of-war between buyers and sellers, with the bulls putting the price up and the bears cutting the price down. The hourly price has found resistance on the Ichimoku clouds. The relative strength index (RSI) indicator is trending around 39 after finding resistance at 54.65.
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.
