Ripple technical analysis: XRP/USD drops following a brief flirtation with the $0.30-zone

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  • XRP/USD had a very bullish Thursday where it went up from $0.284 to $0.302.
  • The hourly XRP/USD chart is trending in a downward channel formation.

XRP/USD daily chart

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XRP/USD has found support on the upward trending line. This Thursday, XRP/USD re-entered the $0.30 zone for the first time since September 20th. The 20-day Simple Moving Average (SMA 20) has crossed over the SMA 50 curve, which is a bullish sign. The Moving Average Convergence/Divergence (MACD) indicator implies sustained bullish momentum.

XRP/USD four-hour chart

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The four-hour market has encountered resistance at the upper 20-day Bollinger curve. The Bollinger jaw is widening, which hints at increasing market volatility, while the Relative Strength Index (RSI) indicator is trending around 60.90, next to the overbought zone.

XRP/USD daily chart

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The daily chart is trending in a downwards channel formation and dipped below the support provided by the SMA 20 curve after encountering resistance at the $0.302 line. The hourly price is floating above the red Ichimoku cloud, SMA 50 and SMA 200. The Elliott Oscillator has had five straight bearish sessions.

Key Levels

 

 

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