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Crypto Technicals: Ripple (XRP) erases most of previous session's gains, retrace below cloud dents further upside
XRP/USD chart - Trading View
Exchange - Kraken
Support: 0.2752 (nearly converged 21 and 55 EMA); Resistance: 0.3006 (21W EMA)
Technical Analysis: Bias Bullish
Ripple (XRP) was trading 4.65% lower on the day at 0.2877 at 07:30 GMT.
XRP/USD fails to hold break above 21W EMA, has erased most of the previous session's gains.
Technical studies are inconclusive. Stiff resistance at 21W EMA (0.3006) and overbought oscillators to weigh on the upside.
Price hovers around daily cloud which is offering strong support at 0.2826-0.2886. Break below will dent upside scope.
Next major support lies at 21-EMA at 0.2753 ahead of 50-DMA at 0.2655.
On the flipside, break above 21W EMA (0.3006) will see test of 200-DMA at 0.3287.