- XRP/USD dropped below the $0.30-level and the SMA 20 curve this Wednesday.
- Immediate market resistance lies at the SMA 20 curve.
XRP/USD daily chart
XRP/USD bears remained in control as the price went down further to $0.288. This Wednesday’s bearish price action saw the price dip below the $0.30-level and the 20-day Simple Moving Average (SMA 20) curve.
The Elliott Oscillator has had three straight red sessions, showing that current short-term market sentiment is bearish. XRP/USD has two strong resistance levels at $0.297 (SMA 20) and $0.31. On the downside, we have healthy support at $0.283. The 20-day Bollinger jaw has considerably narrowed down, which shows decreasing price volatility.