Summary
• XRPJPY tested 292.50 support, forming a bullish harami before a late rally.
• Strong volume in the final 6 hours suggests accumulation ahead of 300.0 resistance.
• RSI near 55 indicates moderate momentum; Bollinger Band contraction suggests potential for a breakout.
• Turnover surged past 160 million yen as price closed 2.2% higher on a bullish engulfing pattern.
XRP/Yen traded between 287.53 and 301.60 JPY over the last 24 hours, opening at 297.80 JPY (12:00 ET - 1) and closing at 300.16 JPY (12:00 ET). Total volume amounted to 1,579,873.3 units, with notional turnover exceeding 472,847,800 JPY.
Structure & Formations
The pair tested a key support level near 292.50 during the early hours, forming a harami pattern before stabilizing. A strong late-day bullish engulfing pattern above 300.0 suggests renewed buying interest. The 5-minute chart revealed a bullish flag pattern from 297.0 to 301.60, with a clear breakout on the final candle.
Moving Averages and Fibonacci
On the 5-minute chart, price closed above the 20-period and 50-period moving averages, suggesting short-term bullish momentum. Daily chart indicators show the 200-day SMA at 288.0, with Fibonacci retracement levels aligning closely with 292.5 (61.8%) and 297.0 (50%) levels.
Momentum and Volatility
Relative Strength Index (RSI) rose to 55, indicating moderate strength, while the MACD crossed into positive territory with a narrow histogram, pointing to building but not yet overwhelming momentum. Bollinger Bands contracted during the early afternoon before expanding again, signaling an increase in volatility ahead of a potential directional move.
Volume and Turnover
Volume and turnover spiked during the final 6 hours of the trading window, with over 670,000 units traded in the last 2 hours alone. This accumulation pattern could confirm a breakout above 300.0 if followed by a continuation. No divergence between price and turnover was observed.
Looking ahead, a break above 301.6 with strong volume may invite further buying interest. However, a failure to maintain above 297.0 could result in a pullback to
292.5 again. Investors should monitor volatility and volume for confirmation of the next directional shift.
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