XRPUSD runs into sellers again around 0.2986
Ripple/US Dollar Index (XRPUSD) Technical Analysis Report for Aug 09, 2020 | by Techniquant Editorial Team
XRPUSD finished Sunday at 0.2880 losing $0.0073 (-2.47%). Closing below Saturday's low at 0.2903, Ripple confirmed its breakout through the prior session low after trading up to $0.0078 below it intraday.
Daily Candlestick Chart (XRPUSD as at Aug 09, 2020):
Sunday's trading range has been $0.0161 (5.45%), that's slightly below the last trading month's daily average range of $0.0199. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for XRPUSD.
One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern.
Prices broke below the key technical support level at 0.2910 (now R1), which is likely to act as resistance going forward. The last time this happened on July 24th, XRPUSD actually gained 5.19% on the following trading day. After having been unable to move above 0.2989 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 0.2986.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Support S1" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for XRP/USD. Out of 198 times, XRPUSD closed higher 57.58% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 52.02% with an average market move of 5.63%.
With six out of the other six Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are LTCUSD losing -2.47% and ETHUSD closing -1.83% lower. None of the markets managed to end the day in the green. Looking at the Minor Cryptocurrencies, the winners of the day have been ICXBTC surging 8.01% and WAVESBTC closing 7.75% higher. The worst performers of the day have been ZECUSD tanking -4.82% and ZECBTC closing -4.49% lower. Read more