Ripple technical analysis: Can XRP/USD stay above $0.40?
- XRP/USD has broken above the psychological $0.40 mark, gaining support above several important technical levels.
- Bollinger bands and MACD oscillator indicate increasing volatility and bullish momentum in Ripple.
XRP/USD daily chart
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XRP/USD went up from $0.393 to $0.402 throughout this Wednesday. In the early hours of Thursday, the price of XRP/USD went up further to $0.408. The price has gained support on the upward trending line. Immediate resistance lies at $0.41.
The daily XRP/USD is trending below the 20-day simple moving average (SMA 20) curve and above the SMA 200 and SMA 50 curves. The Elliot oscillator has now gone into the negative zone following 13 straight bearish sessions.
XRP/USD 4-hour chart
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The latest session of the 4-hour XRP/USD price has gone above the upper curve of the 20-day Bollinger band, indicating that the price is overvalued. The five latest sessions are trending above the SMA 20 curve.
The widening of the Bollinger jaw shows increasing market volatility. The signal line is diverging away from the moving average convergence/divergence (MACD) line, indicating increasing bullish momentum.
XRP/USD hourly chart
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The hourly XRP/USD was trending in a downward channel formation before the bulls took the price up from $0.399 to $0.408 within three hours.
The price was trending in the green Ichimoku cloud before the price had a bullish breakout. The relative strength index (RSI) indicator has crept into the overbought zone and is trending at 71.
Key Levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
