Crypto Technicals: XRP/USD breaks below daily cloud, further weakness on charts

XRP/USD chart - Trading View 

Exchange - Kraken

Support: 0.2472 (Oct 21 low); Resistance: 0.2745 (100-DMA)

Technical Analysis: Bias Strongly Bearish

XRP/USD is extending weakness for the 6th straight session, bias strongly bearish.

The pair was trading 1.74% lower at 0.2634 at 06:45 GMT after closing 1.31% lower in the previous session.

Price action has slipped below daily cloud raising scope for further weakness.

Technical indicators have turned bearish. Stochs and RSI are sharply lower and RSI is well below 50 mark.

Volatility is rising. MACD and ADX support weakness. GMMA indicator shows bearish shift in short-term trend.

Next supports on the downside lies at 0.2472 (Oct 21 low) ahead of lower weekly Bollinger band at 0.2203.

5-DMA is immediate resistance at 0.2698, break above will see gains till 55-EMA at 0.2820.