XRPUSD breaks back above 200-day moving average
Ripple/US Dollar Index (XRPUSD) Technical Analysis Report for Nov 10, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XRPUSD finished Saturday at 0.5068 gaining $0.0058 (1.16%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (XRPUSD as at Nov 10, 2018):
Saturday's trading range has been $0.0125 (2.49%), that's below the last trading month's daily average range of $0.0223. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XRPUSD.
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.
XRP/USD managed to close back above the 200-day moving average at 0.4990. When this moving average was crossed above the last time on Tuesday, XRPUSD actually lost -2.26% on the following trading day.
XRP shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling might speed up should prices move below the close-by swing low at 0.4916 where further sell stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for XRP/USD. Out of 30 times, XRPUSD closed lower 63.33% 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 four trading days, showing a win rate of 66.67% with an average market move of -2.27%.
With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.7% and ETHUSD closing 1.26% higher. On the flipside the worst performer has been ETCUSD closing -0.11% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 5.34% and DOGEUSD closing 3.88% higher. The worst performers of the day have been ZECUSD tanking -2.84% and ZECBTC closing -2.72% lower. Read more