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XRP: USD/XRP (XRP=) Bulls Fail to Break Above a Key Moving Average

XRP: USD/XRP (XRP=) Bulls Fail to Break Above a Key Moving Average

Blockchain is altering the way payments are done. Introducing speed, efficiency, and slashing costs, countless applications can be built on top of this distributed ledger. Ripple is one of the many companies that is taking on traditional behemoths by leveraging on the transparency of blockchain.

Together with Facebook’s Libra, they are challenging the status quo, forcing mainstream players to innovate for them to stay competitive. The Society for Worldwide Interbank Financial Telecommunications (SWIFT) has already tested a cross-border payment system between Australia and Singapore that will see transactions settle almost instantaneously.

With speeds rivaling those of Ripple’s xRapid, Kenny Li of Worthyt, weighed in on the significance of transaction speeds saying:

“I do think that people care about speed, definitely. Speed and convenience are more important, even in the blockchain space. That’s why people are willing to trade the security of decentralization and ownership with the convenience of speed on centralized exchanges. So, I do think that the fast ones will win.”

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 0.36.

The projected upper bound is: 0.36.

The projected lower bound is: 0.25.

The projected closing price is: 0.30.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 60.0218. This is not an overbought or oversold reading. The last signal was a sell 7 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 36.93. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 12 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -105.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 12 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 8 period(s) ago.

Rex Takasugi – TD Profile

FOREX XRP= closed down -0.014 at 0.307. Volume was 91% below average (consolidating) and Bollinger Bands were 56% narrower than normal.

Open     High      Low     Close     Volume___
0.308 0.309 0.307 0.307 3,554
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Moving Averages: 10-period     50-period     200-period

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of XRP= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on XRP= and have had this outlook for the last 29 periods.

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