XRPUSD runs into sellers around 0.2846 for the third day in a row
Ripple/USD Index (XRPUSD) Technical Analysis Report for Sep 15, 2018
XRPUSD ended Saturday at 0.2814 gaining $0.0045 (1.63%) on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.
Saturday's trading range was $0.0088 (3.19%), that's far below last trading month's daily average range of $0.0203. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 0.2674 and 0.2856 which it has been in now for the last three days.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key resistance level at 0.2882. The cryptocurrency ran into sellers again today around 0.2846 for the third trading day in a row after having found sellers at 0.2849 in the previous session and at 0.2856 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 0.2856 where further buy stops could get activated. With prices trading close to this year's low at 0.2468, downside momentum might speed up should the market break out to new lows for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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