XRPUSD unable to break through key resistance level
Ripple/US Dollar Index (XRPUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
XRPUSD ended Saturday at 0.2797 gaining $0.0028 (1.01%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (XRPUSD as at Nov 09, 2019):
Saturday's trading range has been $0.0073 (2.65%), that's below the last trading month's daily average range of $0.0166. 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 previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on November 2nd, XRPUSD actually lost -1.99% on the following trading day.
The cryptocurrency managed to close back above the 100-day moving average at 0.2773. Unable to break through the key technical resistance level at 0.2817 (R1), XRP/USD closed below it after spiking up to 0.2819 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 0.2706 where further sell stops might get activated.
Among the six 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. Though it is usually interpreted as bullish, it has actually shown to be bearish for XRP/USD. Out of 77 times, XRPUSD closed lower 67.53% 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 five trading days, showing a win rate of 66.23% with an average market move of -2.12%.
With four out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more