Crypto Technicals: XRP/USD extends bullish streak, eyes 55W EMA at 0.2992

XRP/USD chart - Trading View

Exchange - Kraken

Technical Analysis: Bias strongly bullish

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

Overbought/ Oversold Index: Highly overbought

Volatility: Rising

Support: 0.2559 (200-DMA); Resistance: 0.2992 (55W EMA)

XRP/USD is extending bullish streak for the 6th straight session, momentum with the bulls.

The pair was trading 1.03% higher on the day at 0.2809 at around 07:00 GMT.

Price is extending 200-DMA breakout, rising bullish market sentiment could see fresh highs.

Momentum strongly bullish, MACD is well in the positive territory and ADX is rising in support of the trend.

Major and minor trend have turned bullish. Correction if any on account of overbought oscillators is likely to be shallow.

Scope for test of 55W EMA at 0.2992 ahead of 38.2% Fib at 0.3018 and then 0.3150 (Double top).

Failure to hold above 200-DMA could dent near-term upside bias. Break below 55-EMA to see further weakness.

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