01 January Ripple Price Technical Analysis: XRPUSD Forecast
Today, the Ripple price is trading flat in a range bound zone with the daily volume of US$190M. Here is the 01 January Ripple Price Technical Analysis.
CoinCrump – Today, the XRPUSD pair is trading in a range-bound zone and dropped 4.46% to US$1.93. Also, Ripple now became the second largest cryptocurrency regarding the total market cap after Bitcoin leaving Ethereum behind. Also, the ripple price surged by US$ 0.9641 (99.81%) with a total volume of over US$ 4.26 Billion. The XRPUSD reached its highest price, $ 2.44 on Saturday, 30 December 2017. Is it worth to invest in Ripple now?
01 January Ripple Price Technical Analysis
In the breakout year 2017 for cryptocurrency trading, the most prominent winners were Ripple, which is tipster as a new kind of payment system for banks like NEM, Ardor, and Dash. The figure below clearly shows that the Ripple price hiked 36,018% in the year 2017, which leaves Bitcoin behind at 14th rank.
Now moving to the technical charts, a Bullish Engulfing candlestick pattern in 5H timeframe has been observed in the XRPUSD candlestick charts, which signals upward trend continuation. Also, during a downtrend, the Bullish Engulfing depicts an opening at a new low and closes at or above the previous candle’s open. This signifies that the downtrend has lost momentum and the bulls may be gaining strength.
Moreover, according to Fibonacci retracement chart, the Ripple price is trading between golden ratio zone. If the price breaks 61.8% Fibo. Retr. Zone than an upward move towards US$ 2.20 can be seen in coming days. Also, the chances are high that the Ripple price may form a new resistance and support level and the XRPUSD price may soon test US$2.35 level in the short term.
Additionally, Ripple has a significantly strong support near US$ 1.70 levels. I am highly bullish on XRPUSD, and the chances are high that an upward move can be seen after the consolidation at this point.
- The Average true range value for the last 14 days signify the XRPUSD is highly volatile.
- The Williams Percent Range momentum indicator measures Buying signal.
- RSI(14) signifies that XRPUSD got overbought.
- The Bull/Bear Power(13) suggests BUY.
XRPUSD Daily Pivot Points
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