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Crypto Technicals: XRP/USD brief recovery fizzles out at 5-DMA, set to resume weakness

XRP/USD chart - Trading View 

Exchange - Kraken

Support: 0.2472 (Oct 23 low); Resistance: 0.2626 (5-DMA)

Technical Analysis: Bias Bearish

XRP/USD was trading 1.15% lower on the day at 0.2598 at 06:30 GMT, bias remains bearish.

The pair's feeble recovery failed to break past resistance at daily cloud and 5-DMA.

Price action is extending in the red for the 4th straight week, scope for further downside.

Volatility is rising and price action has slipped below daily cloud and major moving averages.

'Spinning Top' and 'Doji' formations on the daily candles suggests indecision among traders.

Momentum studies are bearish. RSI is biased lower, MACD and ADX support weakness.

Dip till 0.2472 (Oct 23 low) on cards. Bearish invalidation likely above 21W EMA at 0.2917.
 

By Anupama Grandhi
  • Market Data
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