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.
As of today, my overall XRP portfolio is up by 43.02%. Beautiful Monday!
I am reminding my dear readers and followers that all content from this article and my previous ones are all my own personal views and does not guarantee profits. I am doing all my best to express my own analysis using the indicators that I have chosen.
I have already entered my 39th day of holding at the time of writing this article. I even bought another long position making a total of 8. I will tell the reason of my buying at the end of this article so please continue reading. Don’t skip to the bottom please! :-)
Chart was screenshot at 7:59PM Philippine time. Courtesy of Tradingview.com
August 24, 2020 XRPUSD Key Stats at the time of writing:
Intraday Open – 0.28480
Intraday High – 0.29200
Intraday Low – 0.28229
Intraday Current (based on my screenshot) – 0.29056
Today’s trading volume is decent at 19.189 Million.
50 and 200 Day moving averages are higher than yesterday’s
The 0.29 cents resistance was broken
Bulls in full control
I bought my 8th long position
The King coins are risen from the dead. They deserved it after days of falling.
Meanwhile, Binance top 10 cryptocurrencies stats for today are all in green lights. WOW! That doesn’t happen everyday. With LTC and ETH the biggest winners. :-)
Image Courtesy of Binance.com images
Yesterday’s overbought-oversold indicator went to the bears but this time the bulls rebounded and gained control. 25-15 overall score in favor of the raging bulls. Hope they still win some more please! :-)
What could have driven the bulls run for today? Let’s go to the fundamental side to find out…
Based on the news today, the reasons for the XRPUSD’s bullish run could have been aided by these 2 news I have gathered:
Custodial Wallets Don’t Benefit In Case XRP Will Have Hard Or Soft Forks – a lift solely for XRPUSD only
IMF Video Promotes Crypto Usage Starring XRP and the King Coins – The King coins BTC, ETH including XRP and the rest of the crypto armies have benefited. Thanks a lot IMF!
As reference. You may read my yesterday’s report here:
Daily XRPUSD Technical Analysis – August 23, 2020
One thing I like about cryptocurrencies is that it’s high volatility nature thrills me. We never know what will happen next. That’s very exciting to see if prices go up even more and very stressing if they go down. Just like a roller coaster ride. So please read again my disclaimer above! :-)
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!
