Market Update

Insights for the Asian Crypto trading session Friday 08/02/19

  • BTC/USD: Trading slightly lower overnight, vulnerabilities to downside remain

  • XRP/USD: Trading up with minor gains, still seen sub $0.3000 cents

  • ETH/USD: Heading towards huge demand area at $100

  • EOS/USD: Short term technical indicators turn negative

  • BCH/USD: Price contained below the 100/200 hourly MA’s

XRP/USD Technical Analysis: Confined to descending wedge pattern

  • Ripple seen holding small gains overnight, still trading below $0.3000 cents

  • Price action still seen stuck within the confines of a descending wedge pattern as seen on daily chart below

  • Descending wedge pattern been in play since September 2018, breakout seen very soon

XRP/USD  Daily chart

XRP Daily 080219.JPG

Our Forecast

XRP/USD: Ripple’s XRP was trading up with minor gains in the latter part of Thursday, in positive territory by just some 0.50%. XRP/USD price action has been moving within, the confinements of a descending wedge pattern.

The above-mentioned pattern formation has been in play since September 2018, with price edging lower within this. Narrowing in the price action can also be noted, which would suggest a breakout could be seen very soon.

The falling (descending) wedge pattern is characterized by a chart pattern which forms when the market makes lower lows and lower highs with a contracting range. When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam.

In terms of important barriers to note, $0.3095 represents weekly resistance, while to the downside $0.2810 important previous weekly lows.

Hourly Technical Analysis Summary: Sell

Moving Averages: Strong Sell

Oscillators: Neutral

Support 1:               $0.2850

Support 2:               $0.2799

Resistance 1:                $0.3055

Resistance 2:          $0.3096

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