DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education/entertainment purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.
Time flies and soon I will enter 40 days of holding. I admit that August is a rough month compared last July.
As of today, my XRP portfolio is netting a total of 40.69% returns despite 1 of my long position is suffering a loss of -106.00 Pips. I suffered yesterday’s return standing of only 38.11% but today I am up by 2.58%. I still consider my portfolio to be profitable.
Chart was screenshot at 7:12PM Philippine time. Courtesy of Tradingview.com
I am happy to share with you that since I have started doing my daily technical reports last August 14, today is by far, the earliest in terms of screenshot time. haha ;-)
The only thing I worry right now is the continued correction on Bitcoin’s price against the USD as the greenback’s gaining momentum for a possible recovery. With that said, all altcoins including XRP will be affected severely.
August 23, 2020 XRPUSD Key Stats at the time of writing:
Intraday Open – 0.28622
Intraday High – 0.28809
Intraday Low – 0.27925
Intraday Current (based on my screenshot) – 0.27927
Today’s trading volume is the lowest since my entry last July 16, 2020 at 10.694 Million only.
50-Day moving average is still in UPTREND signal
200-Day moving average remained steady
I see the 0.29 cents as the new resistance while 0.26 as the new support. They are in a tight range right now the way I look at it.
Bears are in control as we head towards Monday
A good time to buy XRP, lots of it. I wish I have more capital but too bad I am just a poor fry. :-(
Continued corrections on BTCUSD and ETHUSD at -1.02% and -2.73% respectively. How can these King coins fight back?
Meanwhile, Binance top 10 cryptocurrencies stats for today with LINK coins on its 2nd day streak in green-land. Impressive!
Image Courtesy of Binance.com images
I was wrong in my report yesterday when I cited that “The bulls have this in the time of my writing but it is just a mere grip. I will speculate strongly that bears will win when the trading day comes to a close” because yesterday’s trading was indeed bulls day. But not this time as bears are mad and angry. They want payback on yesterday’s XRPUSD bull run! During my 39 days of trading war, 24 victories on Bulls while 15 only for bears, that’s a reason for their fury.
Mixed news today but one has caught my attention as Ripple Labs’ Former Executive Chairman Chris Larsen Says China Can Reverse Bitcoin Transactions. That’s very bold men!
As reference. You may read my yesterday’s report here:
Daily XRPUSD Technical Analysis – August 22, 2020
I really want to be positive with my XRP portfolio since I’m one of the 96% clients in that position right now!
Image courtesy of Dailyfx.com
As always, if you know how to read charts, you won’t lose the battle of trading. The charts are our friend. Listen to them. They are screaming loud and clear. We just need to listen.
Of course do fundamental news research too. Do your own research before buying is the best thing to do. Lots of it!
That’s all for today. Don’t forget to write comments below this article for any corrections, questions or additional info that I might missed.
Have a great day ahead! Stay tuned for more XRPUSD analysis! Thank you! :-)
HAPPY TRADING!
