06 January Ripple Price Technical Analysis: XRPUSD Forecast
Ripple price hiked more than 10% today in Bitfinex exchange and trading above $2.5 mark, signaling correction in the short term. Here is the 06 January Ripple Price Technical Analysis.
CoinCrump – Over the last few months, Ripple has blown up almost 1400% and showing no sign of the break. The entire crypto-traders are making a speculative investment on Ripple. Surprisingly, Ripple surged 36,018% lagging Bitcoin and Ethereum behind. What’s next for Ripple price?
06 January Ripple Price Technical Analysis
According to chart, an evening Doji star candlestick pattern has emerged in the 1D timeframe. During an uptrend, the market builds strength on a long white candlestick. The second candlestick trades within a small range and closes at or near its open. This scenario shows an erosion of confidence in the current trend. Confirmation of the trend reversal is the third black candlestick. The Evening Doji Star indicator is the fully realized bearish Doji Star pattern.
But according to Fibonacci retracement charts, the price struggled to cross 50% Fibo. Retracement level and trading in a range-bound zone since past few hours. Traders should wait till the price crosses 61.8% Fibo. retr. Level, i.e., US$ 2.8. Thus, if the Ripple price passes $61.8% handle than an upward move towards US$ 3.4 can be seen. Moreover, a small correction might be possible from this point. Buying on dips could be a smart idea for making the long-term investments.
Additionally, for the long-term investment, I am highly bullish on Ripple XRP, as the price may touch US$ 5-8 in few months.
- The Average true range value for the last 14 days signify the XRPUSD is Highly Volatile.
- The Williams Percent Range momentum indicator measures the Overbought signal.
- RSI(14) signifies that XRPUSD got Overbought.
- The Bull/Bear Power(13) suggests BUY.
XRPUSD Daily Pivot Points
Ripple price has significant support level near $2.15 and resistance near $2.97
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