Crypto Technicals: Ripple flashes red for the 3rd straight session, break below 50-DMA (0.0492) to see further weakness

XRP/USD chart - Trading View

Exchange - Binance

Support: 0.0492 (50-DMA); Resistance: 0.4556 (55W EMA)

Technical Analysis: Bias turning bearish

Ripple is extending weakness for the 3rd straight session, bias is turning bearish.

XRP/USD has pared losses, edges higher from session lows at 0.3950 and was trading 7.54% lower at 0.4245 at 08:50 GMT.

Price action has retraced brief dip below 50-DMA which is strong support at 0.4092.

Technical indicators are turning bearish. Stochs and RSI are biased lower and MACD is on verge of bearish crossover on the signal line.

Stochastics RSI are also showing a rollover from overbought levels. Decisive break below 50-DMA will plummet price further.

Next major support below 50-DMA lies at 0.3610 (June 9 low). Further weakness could see test of 200-DMA at 0.3488.

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