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Crypto Technicals: XRP/USD fails to hold break above 5-DMA, momentum strongly bearish

XRP/USD chart - Trading View 

Exchange - Kraken

Support: 0.2058 (Sept 24 low); Resistance: 0.2555 (5-DMA)

Technical Analysis: Bias Bearish

XRP/USD was trading 2.23% lower on the day at 0.2478 at 10:30 GMT, bias strongly bearish.

The pair failed to hold break above 5-DMA, has retraced from session highs at 0.2586.

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

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

Momentum studies are bearish. RSI is well below 50 mark and biased lower, MACD and ADX support weakness.

Lower weekly BB at 0.2320 is immediate support. Break below see little support till 0.2055 (Sept 24 low). 

5-DMA is immediate resistance at 0.2555. Bearish invalidation likely above 21W EMA at 0.2906.
 

By Anupama Grandhi
  • Market Data
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