XRPUSD pops to highest close since June 25, 2019
Ripple/US Dollar Index (XRPUSD) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XRPUSD ended Saturday at 0.4631 surging $0.1348 (41.06%) on high volume. This is the biggest single-day gain in over two years. Today's close at 0.4631 marks the highest recorded closing price since June 25, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.3312, the market confirmed its breakout through the prior session high after trading up to $0.1382 above it intraday.
Daily Candlestick Chart (XRPUSD as at Nov 21, 2020):
Saturday's trading range has been $0.1396 (42.26%), that's far above the last trading month's daily average range of $0.0219. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably 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 although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 0.2760.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for XRP/USD. Out of 22 times, XRPUSD closed higher 54.55% 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 72.73% with an average market move of 60.45%.