04 January Ripple Price Technical Analysis: XRPUSD Forecast
The technical indicators suggest that the Ripple XRPUSD is showing another bullish trend and may soon test US$ 3.70 mark. Here is the 04 January Ripple Price Technical Analysis.
CoinCrump – The second largest cryptocurrency, Ripple (XRP) in terms of the market cap after Bitcoin demonstrated the slopy bullish trend in the past few days. Also, crossed the US$ 100 Billion market cap in just a few days. The price hiked by $1.46 (114.06%) with a total volume of over US$ 5.96 B in past one week. What should be the next level of Ripple price after the great hike?
04 January Ripple Price Technical Analysis
According to charts, a Bullish Doji star candlestick pattern currently emerged in 5H time-frame. During a downtrend, the market strengthens the bears with a long black candlestick and gaps open on the second one. However, the second candlestick trades within a small range and closes at or near its open. This scenario generally shows the potential for a rally, as many positions have been changed. Confirmation of the trend reversal would be a higher open on the next candlestick.
Additionally, according to Fibonacci retracement analysis, Ripple showed a small correction after it reached its all-time high at US$ 3.29 and dropped below the 68% Fibo. Retr. level. Thus, again gained the momentum as the buyers overruled the sellers.
On the upside, if the price crosses 78% Fibo retr. Level than the XRPUSD may test US $3.70 level in coming days. Also, Ripple XRPUSD has strong support at US$ 2.30 level. I am highly bullish on Ripple XRPUSD and investors should stay invested till the price reaches the next resistance level.
- The Average true range value for the last 14 days signify the XRPUSD is Highly Volatile.
- The Williams Percent Range momentum indicator measures the Buying signal.
- RSI(14) signifies that XRPUSD got Overbought.
- The Bull/Bear Power(13) suggests BUY.
XRPUSD Daily Pivot Points
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