XRPUSD closes higher for the 8th day in a row
Ripple/US Dollar Index (XRPUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 8th day in a row, XRPUSD finished Saturday at 0.2912 surging $0.0313 (12.04%) on high volume. This is the biggest single-day gain in over a year. Today's close at 0.2912 marks the highest recorded closing price since February 18th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.2607, the market confirmed its breakout through the previous session high after trading up to $0.0373 above it intraday.
Daily Candlestick Chart (XRPUSD as at Aug 01, 2020):
Saturday's trading range has been $0.0419 (16.12%), that's far above the last trading month's daily average range of $0.0123. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for XRPUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 0.2159.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for XRP/USD. Out of 339 times, XRPUSD closed lower 61.06% 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 three trading days, showing a win rate of 65.19% with an average market move of -1.05%.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 11.71% and EOSUSD closing 6.77% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more