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Ripple technical analysis: XRP/USD drops below the upward channel formation

FX Street
Published date:
  • XRP/USD kept falling after dropping below the $0.30-level.
  • The Relative Strength Index is hugging the edge of the oversold territory in the hourly chart.

XRP/USD daily chart

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XRP/USD went down from $0.2905 to $0.289 so far this Friday. After dropping below the $0.30-zone and the upward channel formation this Thursday, the bears have remained in control. The Moving Average Convergence/Divergence (MACD) indicates sustained bearish sentiment. The 20-day Simple Moving Average (SMA 20) acts as immediate market resistance.

XRP/USD 4-hour chart

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The 4-hour market broke past the green Ichimoku cloud and has found resistance at the red cloud. The Elliott Oscillator has had seven straight red sessions.

XRP/USD hourly chart

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The hourly chart is trending horizontally inside the 20-day Bollinger band. The SMA 20 curve acts as immediate market resistance while the constricting of the 20-day Bollinger jaw shows decreasing price volatility. The Relative Strength Index is hugging the edge of the oversold territory.

Key Levels

 

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