XRPUSD runs into sellers again around 0.2455
Ripple/US Dollar Index (XRPUSD) Technical Analysis Report for Sep 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XRPUSD finished Saturday at 0.2416 edging higher $0.0001 (0.04%) on low volume. Trading up to $0.0034 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. 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 Sep 26, 2020):
Saturday's trading range has been $0.0074 (3.06%), that's below the last trading month's daily average range of $0.0110. 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 lower than usual for XRPUSD.
Two candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and one neutral pattern, the Doji. The last time a Doji showed up on August 26th, XRPUSD lost -4.30% on the following trading day.
XRP/USD managed to close back above the 20-day moving average at 0.2416 for the first time since September 19th. After having been unable to move above 0.2449 in the previous session, Ripple ran into sellers again around the same price level today, failing to move higher than 0.2455.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Northern Doji" stand out. Its common bearish interpretation has been confirmed for XRP/USD. Out of 73 times, XRPUSD closed lower 61.64% 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 58.90% with an average market move of -1.29%.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 2.27% and EOSUSD closing 0.78% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been NANOBTC surging 8.45% and ETCBTC closing 5.92% higher. The worst performers of the day have been KCSBTC tanking -11.44% and DOGEUSD closing -3.45% lower. Read more