Ripple technical analysis: XRP/USD bears have already negated Wednesday’s gains

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  • XRP/USD is one course of having a bearish day after six straight bullish days.
  • The price is currently consolidating itself in a flag formation.

XRP/USD daily chart

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XRP/USD has gone down $0.282 to $0.277 so far today, completely negating the gains it made this Wednesday. The price is currently consolidating in a flag pattern and is getting primed for a breakout. The price is trending above the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. The Moving Average Convergence/Divergence (MACD) indicator has had five straight bullish sessions.

XRP/USD four-hour chart

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The four-hour market has dropped below the support provided by the upward trending line. The price is floating above the green Ichimoku cloud, SMA 200, SMA 50 and SMA 20. The Relative Strength Index (RSI) indicator was flirting with the overbought zone but has since dipped down.

XRP/USD hourly chart

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The hourly XRP/USD price is looking to dip below the 20-day Bollinger band, showing us that the bears currently have full control. The two latest sessions have taken the price below the SMA 20 and SMA 50 curves, while the Elliott Oscillator has had six straight bearish sessions. The Bollinger Band Width has gone down to 0.0283, indicating decreasing market volatility. 

Key Levels

 

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