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Ripple price analysis: XRP/USD keeps getting knocked down by the downward trending line

FX Street
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  • The Elliott Oscillator has had two red sessions after five straight green sessions.
  • The RSI indicator is inside the oversold zone, hinting at bullish correction.  

XRP/USD daily chart

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XRP/USD has dropped slightly from $0.214 to $0.213 in the early hours of Thursday. The daily price has repeatedly been thwarted by the resistance provided by the downward trending line. The price is floating below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The Elliott Oscillator has had two red sessions after five straight green sessions, while the Moving Average Convergence/Divergence (MACD) indicates decreasing bearish momentum. The Relative Strength Index (RSI) indicator is trending around 29.25 inside the oversold zone, which may trigger an upcoming bullish correction.
 

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