Crypto Technicals: XRP/USD dives over 4%, more weakness on break below 21-EMA support (0.2231)
Thu, 23 Jan 2020, 10:29 am UTC
XRP/USD chart - Trading View
Exchange - Kraken
Technical Analysis: Bias Bearish
Support: 0.2231 (21-EMA); Resistance: 0.2336 (5-DMA)
XRP/USD was trading 4.31% lower on the day at 0.2264, slightly higher from session lows at 0.2252.
The pair is set for more weakness as upside was rejected at daily cloud and has slipped below 5-DMA.
Technical indicators are turning bearish with 5-DMA, RSI and Stochs now biased lower.
Short-term moving averages on the GMMA are turning South and the parabolic SAR supports downside.
Price is extending break below 200H MA and a potential 'Death Cross' on the hourly charts keeps scope for more weakness.
The pair finds strong support at 21-EMA at 0.2231. Break below will support the bearish bias. Dip till 50-DMA at 0.2105 then likely.
5-DMA is immediate resistance at 0.2337. Breakout above daily cloud required for upside continuation.
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