Market Overview for XRP/Mexican Peso (XRPMXN)

• XRP/Mexican Peso (XRPMXN) closed lower after a volatile 24-hour session with a significant pullback from a 24-hour high of 49.491 to a low of 45.668.
• Momentum indicators suggest oversold conditions at the end of the period, though volume remains subdued during key price moves.
• A bearish engulfing pattern was observed on 2025-10-30 160000, signaling potential further downside.
• Bollinger Bands show a moderate contraction before the final drop, hinting at low volatility before the break.
• The 20-period moving average on the 15-minute chart crosses below the 50-period line, indicating short-term bearish bias.

At 12:00 ET–1 on 2025-10-30, XRP/Mexican Peso (XRPMXN) opened at 48.462, reaching a high of 49.491 and a low of 45.668 before closing at 45.668 at 12:00 ET. The 24-hour volume totaled 3,169.6 XRP, with a notional turnover of approximately 149,003.03 MXN (calculated using average price of 46.996 MXN/XRP). Price action shows a bearish bias, with key resistance levels near 47.518 and 48.187, and support around 46.289 and 45.668.

Over the past 24 hours, XRP/MXN has formed a clear bearish trend with multiple pullbacks and rejections at prior highs. A notable bearish engulfing pattern was observed on the final candle, suggesting a potential continuation of the downward move. The 20-period moving average on the 15-minute chart has crossed below the 50-period MA, reinforcing the short-term bearish sentiment. While the 50-period MA remains above the 200-period MA, the pullback into the lower Bollinger Band implies oversold conditions. The RSI has dipped below 30, indicating potential for a short-term rebound, though volume during this move remains weak, reducing the confidence in a reversal.

Momentum has continued to deteriorate, with the MACD line crossing below the signal line and showing bearish divergence. The MACD histogram has shrunk in recent candles, suggesting weakening bearish momentum. Bollinger Bands have contracted significantly before the final 2-hour sell-off, signaling a period of consolidation before the breakout. The RSI is now near 28, indicating oversold territory, though without a corresponding volume spike, this may suggest a potential false signal or a deepening bearish move. Fibonacci retracement levels from the recent high of 49.491 to the low of 45.668 suggest key levels at 47.80 (38.2%) and 46.44 (61.8%), which could act as either support or resistance depending on the immediate direction.

The backtesting strategy described involves using Bullish and Bearish Engulfing patterns to trigger buy and sell signals, respectively. While these patterns were observed in the XRP/MXN data — notably the final bearish engulfing candle — the strategy’s effectiveness would depend on confirming volume and momentum indicators at those moments. Given the current technical context, a Bearish Engulfing pattern at 45.668 appears to be a high-probability sell signal, provided it is supported by divergences in the RSI and MACD. A confirmation of this pattern with a close below the pattern’s low could target the next Fibonacci level at 46.44 for a potential bounce or continuation lower.