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Ripple price analysis: XRP/USD drops below the green Ichimoku cloud

FX Street
Updated:
  • The XRP/USD chart also managed to break below the support provided by the upward trending line.
  • The MACD indicator shows increasing bearish market momentum.

XRP/USD is on course of charting four straight bearish sessions. This Wednesday, XRP/USD had its most bearish day in a month as it fell from $0.291 to $0.274. Ripple has since fallen further to $0.27. The hourly breakdown shows us that the price was trending horizontally around $0.29 before the bears rallied together and took control. Within seven hours, Ripple dropped steadily from $0.29 to $0.265 before the bulls managed to correct it around $0.27.

XRP/USD daily chart

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XRP/USD was trending horizontally before it broke below the support provided by the upward trending line and the green Ichimoku cloud. The two latest sessions also took the price below the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. The Bollinger Band width is around 0.19, which indicates normal market volatility, while the Elliott Oscillator has had three bearish sessions in a row. The Moving Average Convergence/Divergence (MACD) indicator shows increasing bearish momentum.
 

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