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.
Happy Monday to all my avid followers and readers alike! I pray that the LORD protect you always from the COVID-19’s havoc.
Today’s the last day for the month of August and I am going to be a little bit specific with my details for the intraday and monthly analysis.
I always enjoy sharing the daily analysis with you since my start last August 14, 2020 and thank you so much for staying with me until now. :-)
I hope that you have gotten some helpful information with my analysis although I admit that I am still newbie with crypto trading and there’s a lot to learn. So please continue to join me with my XRPUSD trading journey.
Before I proceed I would like to let you know that I have already decided over the weekend to put some of the XRP tokens I hold to the non-custodial wallet called XUMM. I am hopeful and stayed positive for the upcoming Spark token Airdrops based on the held XRP tokens we have on our respective non-custodial wallets.
In case you want to learn more about the upcoming Spark airdrop, you may read the following articles:
Claim Spark Tokens Airdrop Using XUMM Mobile App As A Non-Custodial XRP Wallet
XRP+ETH – Combine and Conquer Mission By Flare Network
Custodial Wallets Don’t Benefit In Case XRP Will Have Hard Or Soft Forks
I already transferred 32.25% of my total XRP shares to the XUMM wallet in the hopes that I get the same amount of Spark tokens when the airdrop arrives.
Check this video for more Airdrop info:
I bought another 2 XRPUSD long positions today giving me a total of 12 open trades. I am very bullish for the upcoming month of September!
My 12 XRPUSD long positions statistics:
Open Trade # 1 – up by 380 Pips
Open Trade # 2 – up by 314 Pips
Open Trade # 3 – up by 272 Pips
Open Trade # 4 – up by 259 Pips
Open Trade # 5 & 6 – up by 224 Pips
Open Trade # 7 – down by 130 Pips
Open Trade # 8 – down by 76 Pips
Open Trade # 9 – down by 69 Pips
Open Trade # 10 – up by 59 Pips
Open Trade # 11 – down by 44 Pips
Open Trade # 12 – down by 41 Pips
I got a total of 7 winning positions while 5 losing positions. My total net profit at the time of writing this article is 35.44%. A solid gain since my July 16, 2020 entry. :-)
Chart was screenshot at 6:58PM Philippine time. Courtesy of Tradingview.com
Intraday’s key statistics:
Intraday Open – 0.28296
Intraday High – 0.28450
Intraday Low – 0.27772
Intraday Current (based on my screenshot) – 0.27965
XRPUSD intraday is down by 1.14% at the time of chart screenshot
Today’s volume is tightly trading at 16.004 Million in favor of sell-offs.
Today’s resistance and support levels based on the Bollinger Bands indicator are:
0.29 – 0.31 levels
Just a little above the 0.26 – 0.27 cent level.
The King coins are both in negatives today. BTCUSD is down by 0.81% while ETHUSD 0.46%.
Today’s Binance Top 10 Cryptocurrencies with LTC and and ETH the biggest gainers at 7.04% and 5.79% respectively. LINK became the biggest loser for today with a negative 4.60% while in my yesterday’s report, it was the top 1 gainer up by 7.71%. That’s a crystal clear example of pump and dump short-term profit-taking.
Image Courtesy of Binance.com
The Overbought-Oversold Zone:
The Bull’s 3-trading day winning streak has come to an end as the Bears seized control. The overall score is now 28-19 but still in favor for the Bulls as August comes to a close.
To my surprise! Today, 97% of clients go long for the XRPUSD! Well done.
Image courtesy of Dailyfx.com
Where is this 1% came from and why? Could it be that there are new XRP players joined the markets or old traders bought more XRP like I did for the upcoming Spark tokens airdrop. Take note that these are all my speculations. :-)
Read again my disclaimer above please!
Did you know that a giant forex exchange in Japan will start crypto CFD trading soon? They are going to launch CFDs for Bitcoin, Ether and XRP! That excites me more! ;-)
Read the full news report here:
https://cointelegraph.com/news/japanese-financial-giant-sbi-to-launch-cfds-for-bitcoin-ether-and-xrp
I am not done yet! :-)
Earlier today, the XRPUSD price stayed from 0.28300-0.28400 range from 9AM – 12PM PH time before it dropped below the 0.28300 cent level. I am sure of it! I have monitored the charts earlier. That’s 3 hours of holding, the longest I have experienced so far and quite long for crypto trading markets man! Good job XRP!
The chart screenshot time was taken around 10:05 AM PH time and I was intrigued that only XRP in green while the King coins including Bitcoin’s fork BCH (Bitcoin Cash) are in red. haha! :-)
To wrap up this month’s XRPUSD price analysis, these are my key notes for August:
Bitcoin reversal affected XRP’s bullish run from late-July last August 2, 2020. I never forget that day where XRPUSD reached intraday high 0.32655 and immediately corrected as low as 0.25 cent! Glad to know that XRPUSD recovered at the end of the trading day. It formed a Doji candle pattern.
The famous Golden Cross pattern occurred between August 7-8, 2020 trading!
Last August 17 XRP reached the highest high at 0.32911 since my July 16, 2020 entry.
That’s all for today! Hope you enjoyed reading.
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!
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!
