Ripple Technical Analysis: XRP/USD bears in control of the market

XRP/USD Daily Chart

• XRP/USD went down from $0.419 to $0.405 in the early hours of Friday.
• The nearest support level is at $0.395.
• The SMA 20 curve is about to crossover with the SMA 50 curve, which is a bullish sign.
• The relative strength index (RSI) indicator has crept out of the overbought zone.

XRP/USD 4-Hour Chart

• The 4-hour price was trending upwards in a channel formation before the price took a dip.
• The market is prime for a bearish breakout from the triangle formation.
• The Elliot wave oscillator shows six consecutive bearish sessions.
• The Ichimoku indicator shows that near-term sentiment will be bearish as well.

XRP/USD Hourly Chart

• The 20-day Bollinger band shows decreasing market volatility.
• The price is currently trending in the lower half of the Bollinger band.
• The moving average convergence/divergence shows sustained bearish momentum.
• The SMA 50 curve has crossed over with the SMA 20 curve, which is a bearish sign.

Key Levels