Ripple technical analysis: XRP/USD on the course of having three straight bearish days in a row
- XRP/USD is currently priced at $0.309 as bears take control of the market.
- The 4-hour chart shows that the SMA 50 curve is about to cross over the SMA 20.
XRP/USD daily chart
XRP/USD daily chart is on the course of having three straight bearish days and is currently consolidating in a flag formation. Currently, XRP/USD is priced at $0.309. The price is trending below the 20-day simple moving average (SMA 20), SMA 50 and SMA 200 curves. The moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum. The Elliot oscillator shows 14 straight bullish sessions.
XRP/USD 4-hour chart
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The 4-hour XRP/USD price was trending in the green Ichimoku cloud before it had a bearish breakout. The SMA 50 curve has crossed over the SMA 20 curve, which is a bearish signal. The Elliot oscillator for the 4-hour chart is in stark contrast to the daily chart. The Elliot indicator here shows 15 straight bearish sessions of increasing intensity.
XRP/USD hourly chart
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The hourly chart is trending below the SMA 200, SMA 50 and SMA 20 curves. The second last sessions broke past the support provided by the SMA 20 curve. The 20-day Bollinger jaw is narrowing, which indicates decreasing market volatility. The relative strength index (RSI) indicator is trending around 40.
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.
