XRP/USD Technical Analysis: Market faces upcoming bearish sentiment

XRP/USD daily chart

• XRP/USD opened at $0.308 this Friday with short-term resistance at $0.312.
• The market is trending below both the 20-day simple moving average (SMA 20) and SMA 50 curves.
• The SMA 50 curve has crossed over the SMA 20 curve and is diverging even further away. This is a significant bearish indicator.
• Only two of the last eight sessions in the Elliot wave oscillator are bullish.

XRP/USD 4-hour chart

• The Ichimoku indicator shows that bearish market sentiment is on the horizon.
• The MACD indicator shows that the MACD line is going to cross over with the signal line. This also indicates an upcoming bearish market momentum.

XRP/USD hourly chart

• The squeezing of the 20-day Bollinger band on the XRP/USD hourly chart shows a decreasingly volatile market.
• The relative strength index (RSI) curve has dipped down towards the oversold territory.