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Ripple price analysis: XRP/USD falters following a strong Wednesday

FX Street
Updated:
  • XRP/USD went down from $0.405 to $0.403 in the early hours of Thursday.
  • Technical analysis shows that overall market momentum is bearish.

XRP/USD has had a bearish start to Thursday, as its price has gone down from $0.405 to $0.403. This follows a bullish Wednesday, wherein the XRP/USD went up from $0.398 to $0.405. Looking at the hourly chart, we can see that towards the end of Wednesday, the bulls took charge and took the price up from $0.396 to $0.405.

XRP/USD daily chart

The daily price has found support on the upwards trending line. The price is trending below the 20-day simple moving average (SMA 20) and SMA 50 curves and above the SMA 200 curve. The 20-day Bollinger jaw has been relatively steady, indicating that market conditions are relatively stable.  

The moving average convergence/divergence (MACD) indicator shows bearish market momentum. The relative strength index (RSI) indicator is trending around 50 and the Elliot oscillator shows two straight bearish sessions.
 

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