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Crypto Technicals: XRP/USD extends weakness below 200-DMA, on track to test trendline support at 0.28

XRP/USD chart - Trading View 

Exchange - Bitstamp

Support: 0.28 (Trendline); Resistance: 0.3231 (5-DMA)

Technical Analysis: Bias Bearish

XRP/USD is extending weakness below 200-DMA, bias is bearish.

The pair has hit new 2-month lows at 0.2950, scope for further downside.

Momentum studies are highly bearish and bearish divergence on RSI and Stochs likely to plummet prices further.

GMMA indicator shows shift in trend with shorter-term moving averages slipping below longer-term moving averages.

The pair has closed below 20W SMA and volatility is rising. Next major support lies at 0.28 (trendline).

Break below will see dip till lower Bollinger band (weekly) at 0.2441. Retrace above 200-DMA to see minor upside. 

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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