Rajarshi Mitra
Independent Analyst
- XRP/USD bulls took the price up from $0.33 to $0.364 this Friday. The bears are looking to correct the price in the short-term.
XRP/USD Daily Chart
-636900982212693125.png)
- 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
-636900982523014083.png)
- 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
-636900982794897028.png)
- 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.
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