Ripple Technical Analysis: XRP/USD keeps trending in downward channel formation as price drops below $0.27

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XRP/USD daily chart

XRP/USD daily chart

XRP/USD bears stayed in control of the market for the second straight day as the price continued trending in a downward channel formation. So far this Wednesday, the price has dropped from $0.2828 $0.2788. The Elliott Oscillator has had seven straight red sessions. The RSI is around 61 having dropped below the overbought zone.

XRP/USD has strong resistance at $0.2881and $0.31. On the downside, we have healthy support levels at $0..267 (SMA 20), $0.244, $0.2226 (SMA 50) and $0.205.

Key levels

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