Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)
Quick glance: In our previous analysis on XRPUSD , we discussed about Ripple losing a massive market cap. Right now, XRPUSD had a massive reversal. It has taken support from the lower Bollinger bands.
Market in the last 24hrs
The last 24 hours were quite a roller coaster. All major cryptos witnessed a huge selloff including ETH, BTC, DOT and others. Trading volumes also spiked up tremendously.
Today’s Trend analysis
XRPUSD seems to be having a massive reversal. At the end of the downtrend on the 4H chart, there appeared to be a 'Hammer' formation. However, the patter could not be confirmed as the 2 following candles were red, thereby negating the reversal after the 'Hammer'. Stop losses would have been triggered for traders taking long positions after the hammer. Therefore, it is always crucial to wait for the confirmation candle, even if it eats into some of the potential gains. It hedges against fake-outs!
The reversal happened after XRP took support from the lower band of the Bollinger Bands. The volume profile shows the demand zone at $0.8688, which is 40% higher than current levels.
Price volatility remained extremely high at approximately 24.53%, with the day's range between $0.5231 — $.6514.
Price at the time of publishing: $0.6315
XRP's market cap: $29.04 Billion
Volumes have spiked up tremendously in the past 24 hours.
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The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)
Quick glance: In our previous analysis on XRPUSD , we discussed about Ripple losing a massive market cap. Right now, XRPUSD had a massive reversal. It has taken support from the lower Bollinger bands.
Market in the last 24hrs
The last 24 hours were quite a roller coaster. All major cryptos witnessed a huge selloff including ETH, BTC, DOT and others. Trading volumes also spiked up tremendously.
Today’s Trend analysis
XRPUSD seems to be having a massive reversal. At the end of the downtrend on the 4H chart, there appeared to be a 'Hammer' formation. However, the patter could not be confirmed as the 2 following candles were red, thereby negating the reversal after the 'Hammer'. Stop losses would have been triggered for traders taking long positions after the hammer. Therefore, it is always crucial to wait for the confirmation candle, even if it eats into some of the potential gains. It hedges against fake-outs!
The reversal happened after XRP took support from the lower band of the Bollinger Bands. The volume profile shows the demand zone at $0.8688, which is 40% higher than current levels.
Price volatility remained extremely high at approximately 24.53%, with the day's range between $0.5231 — $.6514.
Price at the time of publishing: $0.6315
XRP's market cap: $29.04 Billion
- Out of 11 Oscillator indicators, 9 are neutral,1 is bearish, and 1 is bullish.
- Out of 15 Moving average indicators, 11 are bearish , 3 are bullish and 1 is neutral .
- Indicator summary is bearish for XRPUSD in the shorter timeframe.
Volumes have spiked up tremendously in the past 24 hours.
----------------------------------------------------------------------------------------
The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)
Comment:
XRP has already risen more than 10% after the bullish confirmation candle. This is why we should wait for the confirmation candle. Some people state that a portion of the profit is lost waiting for the confirmation. A key thing that these people miss out on is the fact that the confirmation likely saves a trade from hitting a stop loss.
