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Crypto Technicals: Ripple (XRP) recovery attempts lack traction, slips below 50-DMA

BTC/USD chart - Trading View 

Exchange - Kraken

Support: 0.2673 (Daily cloud); Resistance: 0.2842 (55-EMA)

Technical Analysis: Bias Bearish

XRP/USD was trading at 0.2745, down 1.53% at 07:30 GMT after closing 0.49% lower in the previous session.

Intraday bias for the pair is strongly bearish, minor recovery attempts capped at 55-EMA. 

Technical bias for the pair on the daily charts as shown by GMMA has shifted to bearish. Scope for further downside.

Stochs and RSI are now sharply lower, RSI has slipped below 50 mark. MACD and ADX also support weakness. 

Price action has slipped below 50-DMA and 100-DMAs, is on track to test daily cloud at 0.2673.

Break below cloud will accentuate weakness. Volatility is rising and break below cloud will see dip till 0.2472 (Oct 23 low). 
 

By Anupama Grandhi
  • Market Data
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