XRPUSD closes within prior day's range
Ripple/US Dollar Index (XRPUSD) Technical Analysis Report for Feb 10, 2019 | by Techniquant Editorial Team
XRPUSD ended Sunday at 0.3107 losing $0.0016 (-0.51%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (XRPUSD as at Feb 10, 2019):
Sunday's trading range has been $0.0130 (4.16%), that's slightly below the last trading month's daily average range of $0.0149. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XRPUSD.
Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Hanging Man. The last time a Bullish Hikkake Pattern showed up on January 27th, XRPUSD actually lost -3.83% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 0.3216 where further buy stops might get activated. With prices trading close to this year's low at 0.2836, downside momentum could speed up should XRP/USD break out to new lows for the year. Trading close to December's low at 0.2815 we might see further downside momentum if potential sell stops at the level get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hanging Man" stand out. Its common bearish interpretation has been confirmed for XRP/USD. Out of 50 times, XRPUSD closed lower 56.00% 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 six trading days, showing a win rate of 74.00% with an average market move of -1.74%.
With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 5.94% and ETHUSD closing 5.17% higher. On the flipside the worst performer has been BCHUSD closing -0.41% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been HSRBTC surging 9.24% and LTCGBP closing 6.51% higher. The worst performers of the day have been BCNUSD tanking -4.57% and TRXBTC closing -1.95% lower. Read more