XRP/USD must breach Ichimoku cloud to re-enter the $0.25 zone

  • XRP/USD went up from $0.23 to $0.239 this Tuesday.
  • The signal line was about to cross over the MACD line but has failed to do so.

XRP/USD daily chart

Fibo Quantum

This Tuesday, XRP/USD went up from $0.23 to $0.239 this Tuesday. However, the bears were able to take charge in the early hours of Wednesday and correct the price to $0.2387. To re-enter the $0.25 zone, the price must breach the red Ichimoku cloud. The price is still hovering above the SMA 20 and SMA 50 curves, and the Elliott Oscillator has had two green sessions following six consecutive bearish sessions. The signal line was about to cross over the MACD line but has since petered out, keeping the overall market momentum bearish. The RSI indicator is trending horizontally around 63, hinting that the market may be going through a consolidation period.