XRPUSD runs into sellers again around 0.2437
Ripple/US Dollar Index (XRPUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XRPUSD finished Sunday at 0.2423 gaining $0.0016 (0.66%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (XRPUSD as at Oct 18, 2020):
Sunday's trading range has been $0.0035 (1.45%), that's far below the last trading month's daily average range of $0.0087. 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 lower than usual for XRPUSD.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on October 8th, XRPUSD actually gained 0.72% on the following trading day.
Prices are trading close to the key technical support level at 0.2370 (S1). After having been unable to move above 0.2432 in the prior session, the market ran into sellers again around the same price level today, missing to move higher than 0.2437.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling could accelerate should prices move below the nearby swing low at 0.2380 where further sell stops might get activated. As prices are trading close to October's low at 0.2288, downside momentum could speed up should XRP mark new lows for the month.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for XRP/USD. Out of 191 times, XRPUSD closed lower 57.59% of the time on the next trading day after the market condition occurred.
With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more