XRPBTC closes higher for the 5th day in a row
Ripple/Bitcoin Index (XRPBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, XRPBTC finished Saturday at 0.00002465 surging BTC0.00000176 (7.69%) on high volume. This is the biggest single-day gain in over three weeks. Today's close at 0.00002465 marks the highest recorded closing price since May 2nd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00002299, the cryptocurrency confirmed its breakout through the prior session high after trading up to BTC0.00000216 above it intraday.
Daily Candlestick Chart (XRPBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.00000249 (10.88%), that's far above the last trading month's daily average range of BTC0.00000096. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for XRPBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
XRP/BTC managed to close above the 200-day moving average at 0.00002436 for the first time since February 18th. When this moving average was crossed above the last time on February 12th, XRPBTC gained 8.82% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 0.00002170.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for XRP/BTC. Out of 30 times, XRPBTC closed lower 56.67% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after two trading days, showing a win rate of 66.67% with an average market move of 1.03%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more