XRPBTC breaks above 200-day moving average for the first time since October 7th


Ripple/Bitcoin Index (XRPBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team

Highlights

XRPBTC soars, gaining BTC0.00000711 (40.24%) within a single day on high volume
XRPBTC breaks above 200-day moving average for the first time since October 7th
XRPBTC rises to highest close since August 18th
XRPBTC dominated by bulls lifting the market higher throughout the day
XRPBTC closes higher for the 3rd day in a row

Overview

Moving higher for the 3rd day in a row, XRPBTC finished Saturday at 0.00002478 surging BTC0.00000711 (40.24%) on high volume. This is the biggest single-day gain in over a year. Today's close at 0.00002478 marks the highest recorded closing price since August 18th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00001772, XRP confirmed its breakout through the prior session high after trading up to BTC0.00000737 above it intraday.

Daily Candlestick Chart (XRPBTC as at Nov 21, 2020):

Daily technical analysis candlestick chart for Ripple/Bitcoin Index (XRPBTC) as at Nov 21, 2020

Saturday's trading range has been BTC0.00000744 (42.11%), that's far above the last trading month's daily average range of BTC0.00000118. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for XRPBTC.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Thursday, XRPBTC gained 3.64% on the following trading day.

The market managed to close above the 200-day moving average at 0.00002149 for the first time since October 7th. Prices are trading close to the key technical resistance level at 0.00002523 (R1).

Crossing above the upper Bollinger Band for the first time since October 4th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 0.00001710 or signal the beginning of a strong momentum breakout leading to even higher prices.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Trading close to September's high at 0.00002546 we might see further upside momentum if potential buy stops at the level get triggered.

Among the 15 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for XRP/BTC. Out of 47 times, XRPBTC closed lower 72.34% 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 seven trading days, showing a win rate of 74.47% with an average market move of 0.14%.


Market Conditions for XRPBTC as at Nov 21, 2020

Loading Market Conditions for XRPBTC (Ripple/Bitcoin Index)...
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