- XRP/USD bearish momentum continues to exert pressure on support areas despite the oversold conditions.
- According to the RSI and the Elliot Wave Oscillator, a recovery is beckoning.
The crypto market is irritatingly bearish on Thursday. The high volatility coupled with the worsening technical picture is a key indicator that the downside exploration is far from over. However, the slump that saw XRP shed gains accrued over the week took a pit stop at $0.25.
The recovery motion that followed was more or less a reflex to the oversold market. Hence, it failed to make headway above $0.27. XRP/USD is teetering at $0.2695 after losing 1.65% of its value on the day.
The momentum to the south is strongly bearish especially with Relative Strength Index (RSI) diving deeper into the oversold zone. As the RSI nearing oversold conditions, a bounce in Ripple price is around the corner. Besides, the Elliot Wave Oscillator is recording an extended bearish session which could eventually culminate in a reversal.
XRP/USD four-hour chart
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