XRP/USD drops by 5.35% in four hours as bears stay in cruise control

• XRP/USD dropped from $0.1862 to $0.1806 this Wednesday.
• The MACD indicator in the daily chart shows that a reversal of bullish momentum is imminent.

XRP/USD daily chart

XRP/USD charted its fourth consecutive bearish day, as the price dropped from $0.1806 to $0.176 in the early hours of Thursday. In the process, the price dropped below the triangle formation and the SMA 20. The bulls will need to garner enough momentum to break above the upward trending line to reverse bearish sentiment. The MACD line is looking to crossover the signal line, indicating a reversal of bullish momentum. Finally, the Elliott Oscillator has had six straight red sessions. 

XRP/USD hourly chart

XRP/USD dropped by 5.35% in four hours, going down from $0.186 to $0.176, falling below the 20-day Bollinger Band, in the process. Following this bearish action, the RSI indicator has dipped into the oversold zone. Both these indicate that a bullish correction may be around the corner.

Key levels