Ripple Price Analysis: XRP/USD jumps up, crosses $0.30-mark

• The Elliott Oscillator is back in the green following two straight red sessions.
• The SMA 20 has crossed over the SMA 200, which is a bullish sign.

XRP/USD daily chart

After spending six days consolidating around the $0.28-level, XRP/USD suddenly spiked up this Wednesday. During the course of the day, XRP/USD jumped from $0.282 to $0.3085, trending above the $0.30-mark for the first time since November 2019. During the jump, the SMA 20 managed to crossover the SMA 200, and the Elliott Oscillator has had a green session following two straight red sessions. All these indicators are signs of buyer dominance. Even the MACD indicator shows increasing bullish market momentum. Up next, the bulls will need to break past resistance at $0.311. However, the RSI has ventured into the overbought zone, so a bearish correction may be around the corner.