Crypto Technicals: Ripple (XRP) weakens further under strong bear grip, on track to test Sept 24th low at 0.2058

XRP/USD chart - Trading View 

Exchange - Kraken

Support: 0.2058 (Sept 24th low); Resistance: 0.2472 (5-DMA)

Technical Analysis: Bias Bearish

XRP/USD is extending weakness with upside remaining capped below 5-DMA.

The pair was trading 2.07% lower on the day at 0.2380 at 06:50 GMT, bias strongly bearish.

Bears grip remains intact, more pain likely. No major signs of reversal seen for now.

The pair is on track to close in the red for the 4th straight week, hits new 8-week lows.

Bollinger bands are shrinking on the weekly charts. Price could pause at the lower Bollinger curve at 0.30.

Momentum studies are bearish, price action is below daily cloud and major moving averages

RSI is well below 50 mark and biased lower, MACD and ADX support weakness. Break below lower BB opens downside till 0.2055 (Sept 24 low). 

5-DMA is immediate resistance at 0.2472. Bearish invalidation likely above 21W EMA at 0.2897.