Crypto Technicals: XRP/USD slumps over 9%, erases 2 weeks' gains

XRP/USD chart - Trading View

Exchange - Kraken

Support: 0.2781 (50-DMA); Resistance: 0.3242 (200-DMA)

Technical Analysis: Bias turning bearish

XRP/USD has slumped over 9% on the day to hit 2-week lows at 0.2745.

The pair has erased some losses and was trading at 0.2879, down 7.24% at 11:55 GMT.

A 'Bearish Engulfing' pattern on the daily charts has raised scope for weakness.

Technical studies on the daily charts are turning bearish. Stochs and RSI have turned lower, RSI has slipped below 50.

Price action has been struggling to break above 21W EMA from the past 4 weeks.

The pair has retraced dip below 50-DMA support at 0.2781, decisive break below opens downside.

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