Home Ripple technical analysis: XRP/USD crashed by 9.7% in two hours on Wednesday
Crypto News

Ripple technical analysis: XRP/USD crashed by 9.7% in two hours on Wednesday

  • XRP/USD fell below the $0.40-level over the last two days.  
  • The price is currently trending in a downward channel formation.

XRP/USD daily chart

XRP/USD has gone down from $0.36 to $0.356 in the early hours of Thursday, following Wednesday’s crash. The 50-day simple moving average (SMA 50) has crossed over with the SMA 20 curve, which is a bearish sign. The daily price chart is trending in a downward channel formation. The relative strength index (RSI) indicator is trending around 36.36, right next to the oversold territory.  

XRP/USD 4-hour chart

The 4-hour price chart is currently consolidating in a flag formation, following the price crash, which pushed the price below the lower curve the 20-day Bollinger band. The price eventually trended back inside the band. The widening of the 20-day Bollinger jaw shows increasing market volatility. The SMA 50 has crossed over the SMA 20, indicating bearish sentiment. The moving average convergence/divergence (MACD) indicator shows increasing bearish momentum.

XRP/USD hourly chart

The hourly chart shows a better representation of the price crash. XRP/USD fell from $0.39 to $0.354 within two hours. The price is trending in a flag formation, getting primed for a breakout. The Elliot oscillator shows six bullish sessions in a row following the crash, which shows that the bulls are attempting a comeback.

Key Levels

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.