Crypto Technicals: XRP/USD finds selling pressure at highs, recovery capped at 5-DMA

XRP/USD chart - Trading View

Exchange - Kraken

Support: 0.2820 (Trendline); Resistance: 0.3222 (21-EMA)

Technical Analysis: Bias turning bearish

XRP/USD is extending weakness for the second straight session, bias is turning bearish.

Price action has been grinding sideways after break below 200-DMA.

Upside recovery finds strong selling pressure as evidenced by 'Inverted Hammer' formation.

RSI is below 50 and GMMA shows major trend has shifted to bearish.

Stochastics RSI is at overbought levels and on verge of rollover into neutral.

Expect prices to fall in sync. Scope for test of major trendline support at 0.2820.

21-EMA is strong resistance at 0.3222. Break above 200-DMA (0.3429) could negate near-term bearishness.

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