Ripple technical analysis: XRP/USD consolidates in a flag formation as bulls attempt to break above downward trending line
- The daily XRP/USD chart has found support at the SMA 50 curve.
- The Elliott Oscillator had a bearish session after six straight bullish sessions.
XRP/USD daily chart
XRP/USD bulls have taken control of the daily price chart following two straight bearish days and are attempting to break above the downward trending line. The price is presently consolidating in a flag pattern. The 200-day Simple Moving Average (SMA 200) curve is floating above the price chart, while SMA 50 acts as immediate market support.
XRP/USD four-hour chart
The four-hour XRP/USD market encountered resistance at the SMA 20 curve and fell and found support at the SMA 50 curve. The 20-day Bollinger jaw has widened, indicating increasing market volatility. The Relative Strength Index (RSI) indicator is trending around 51.65.
XRP/USD hourly chart
The XRP/USD has dipped below the red Ichimoku cloud after encountering resistance at the SMA 50 curve. The buyers have taken the price up from $0.268 to $.272 within two hours. The price broke above the SMA 20 curve and is currently negotiating with resistance at the SMA 50 curve. The Moving Average Convergence/Divergence (MACD) indicator shows us that, after a brief flirtation, the signal line has diverged from the MACD line, which is a bullish sign.