XRP/USD Technical Analysis: Market trending in a narrow range as bears take over
XRP/USD daily chart
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- The XRP/USD daily market is trending in a narrow range between $0.325 and $0.310.
- The Elliot Wave Oscillator shows that the market has very low volatility.
XRP/USD 4-hour chart
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- The bears have taken over the XRP/USD 4-hour chart. As the Ichimoku indicator shows, more bearish behavior is expected in the future.
- The moving average convergence/divergence (MACD) shows bearish momentum with decreasing volatility.
XRP/USD hourly chart
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- The last session in the hourly XRP/USD chart was so bearish that the market has fallen below the 20-day simple moving average (SMA 20) and SMA 50.
- The hourly market is now trending in the lower half of the 20-day Bollinger band.
- The relative strength index (RSI) has taken a dip towards the neutral zone from the overbought zone.
Key Levels
- Resistance 3: $0.3294
- Resistance 2: $0.3258
- Resistance 1: $0.3216
- Pivot Point: $0.3180
- Support 1: $0.3137
- Support 2: $0.3101
- Support 3: $0.3059
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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