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Crypto Technicals: XRP/USD consolidates below 100-DMA, break below cloud to drag prices lower

Wed, 13 Nov 2019, 06:03 am UTC

XRP/USD chart - Trading View

Exchange - Kraken

Support: 0.2664 (Daily cloud base); Resistance: 0.2753 (100-DMA)

Technical Analysis: Bias Bearish

XRP/USD consolidates below 100-DMA, bias remains bearish.

The pair was trading marginally higher at 0.2736 at 05:45 GMT after closing 0.89% lower in the previous session.

Price action has held cloud base support at 0.2664, break below will see drag lower.

Minor recovery attempts capped at 5-DMA (0.2757). Break above could see gains till 55-EMA at 0.2834.

Technical bias for the pair is bearish. GMMA shows near-term bias has shifted to bearish. Scope for further downside.

RSI has slipped below 50 mark and stochs show bearish momentum. MACD and ADX also support weakness.

Volatility is also rising. Break below daily cloud support will see dip till 0.2472 (Oct 23 low).

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