Crypto Technicals: XRP/USD capped at daily cloud, break below 55-EMA negates near-term bullishness

XRP/USD chart - Trading View

Exchange - Kraken

Technical Analysis: Bias neutral

GMMA Indicator: Major Trend - Neutral; Minor Trend - Neutral

Overbought/ Oversold Index: Neutral

Volatility: High

Support: 0.2173 (55-EMA); Resistance: 0.2444 (cloud top)

XRP/USD was trading 3.39% lower on the day at 0.2257 at around 07:35 GMT, bias is neutral.

The pair was rejected at daily cloud top (0.2444), break above required for upside continuation.

Price action is on track to form a potential 'Shooting Star' pattern, which if completed will add to the downside pressure.

110-EMA also offers stiff resistance at 0.2369. Break below 55-EMA support at 0.2172 negates any upside bias.

Breakout at cloud eyes 23.6% Fib at 0.2529. Further bullish momentum can take the pair higher to test 200-DMA at 0.2678.