Ripple Technical Analysis: XRP/USD shoots up by 10% as bears step in for a short-term correction

XRP/USD Daily Chart

• The hourly chart is sandwiched between the 200-day simple moving average (SMA 200) and SMA 50. SMA 200 works as immediate resistance.
• Elliot Wave Oscillator shows increasing bullish sentiment.
• The market formed a triangle formation from which the price had a bullish breakout.

XRP/USD 4-Hour Chart

• The last three sessions of the 4-hour chart are currently consolidating in a flag formation before a possible breakout.
• The price found support at the upward trending line (black).
• The upcoming green cloud in the Ichimoku indicator hints that the mid-term market sentiment could be bullish.
• The MACD indicator shows bullish momentum.

XRP/USD Hourly Chart

• The narrowing of the 20-day Bollinger band shows that market volatility is decreasing.
• The second last session found support on the SMA 20 curve and bounced back up.
• The Elliot Wave Oscillator shows nine consecutive red sessions which hints that short-term market sentiment is bearish.