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Ripple price analysis: XRP/USD bears continue their domination

FX Street
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  • XRP/USD is currently priced at $0.306 in the early hours of Friday.
  • Elliot oscillator has had a bearish session after 14 straight bullish sessions.

Ripple bears continue their domination of the market as the price is currently trending in a downwards channel formation. The price has fallen from $0.308 to $0.306. This marks the fourth straight day where the bears have been in control of the market. During this period, the XRP/USD has fallen from $0.322 to $0.306. The hourly breakdown shows how dominant the bears have been so far this Friday. After ending Thursday with two bullish hourly sessions, XRP/USD has had five straight bearish sessions.

XRP/USD daily chart

fxsoriginal

The daily price chart is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The narrowing of the 20-day Bollinger jaw shows decreasing market volatility. The moving average convergence/divergence shows weakening bullish momentum, while the Elliot oscillator has had a bearish session after 14 straight bullish sessions.
 

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