XRP/USD Technical Analysis: Bulls fight back following Thor’s Hammer pattern formation

XRP/USD daily chart

• XRP/USD opened at $0.306 this Wednesday.
• Following a massive bearish breakout, the bulls fought back this Tuesday as the daily chart formed Thor’s hammer pattern. This pattern indicates a bullish reversal.
• The relative strength index (RSI) has gone back into the neutral zone.

XRP/USD 4-hour chart

• The 4-hour XRP/USD chart shows how strongly the bulls have rallied and fought back.
• The 20-day Bollinger band indicates that the market is decreasing its volatility and the few sessions have brought the market towards the upper half of the band.  
• The signal line has crossed over with the MACD line in the moving average convergence divergence (MACD) indicator which shows that the momentum has shifted towards the bulls.

XRP/USD hourly chart

• The XRP/USD hourly chart shows that over the last four sessions, the bulls have breached past resistance offered by the 20-day simple moving average (SMA 20), SMA 50, and SMA 100 curves.
• The Elliot Wave oscillator also shows that the sentiment of the XRP/USD hourly market is currently massively bullish.

Key Levels

• Resistance 3: $0.3248
• Resistance 2: $0.3140
• Resistance 1: $0.3085
• Pivot Point: $0.2978
• Support 1: $0.2922
• Support 2: $0.2815
• Support 3: $0.2759
   
• Open: $0.3029  
• High: $0.3058  
• Low: $0.3003