Ripple technical analysis: Can XRP/USD stay above $0.40?

XRP/USD daily chart

• XRP/USD went up from $0.393 to $0.402 throughout this Wednesday.
• In the early hours of Thursday, the price of XRP/USD went up further to $0.408.
• The price has gained support on the upward trending line.
• Immediate resistance lies at $0.41.
• The daily XRP/USD is trending below the 20-day simple moving average (SMA 20) curve and above the SMA 200 and SMA 50 curves.
• The Elliot oscillator has now gone into the negative zone following 13 straight bearish sessions.

XRP/USD 4-hour chart

• The latest session of the 4-hour XRP/USD price has gone above the upper curve of the 20-day Bollinger band, indicating that the price is overvalued.
• The five latest sessions are trending above the SMA 20 curve.
• The widening of the Bollinger jaw shows increasing market volatility.
• The signal line is diverging away from the moving average convergence/divergence (MACD) line, indicating increasing bullish momentum.

XRP/USD hourly chart

• The hourly XRP/USD was trending in a downward channel formation before the bulls took the price up from $0.399 to $0.408 within three hours.
• The price was trending in the green Ichimoku cloud before the price had a bullish breakout.
• The relative strength index (RSI) indicator has crept into the overbought zone and is trending at 71.

Key Levels