20 January Ripple Price Technical Analysis: XRPUSD Forecast
Ripple price is back to bullish zone after the sharp correction, XRPUSD recovered from its bottom level, i.e., US$ 0.87 to US$ 1.7 in a short period of term. Here is the 20 January Ripple Price Technical Analysis.
CoinCrump – Ripple, or XRPUSD is trading at US$ 1.51 in Bitfinex Exchange, nearly dropped $ 0.55 (-26.70%) in a week. Also, Ripple has approximately lost half of its market cap after the entire crypto-market drop a few days back. Now, the Ripple price is forming a short-term bullish trend as it is continuously floating at $1.4-$1.6 range. Will Ripple Price surge above US$ 2 in a week?
20 January Ripple Price Technical Analysis
There was a decorous recovery initiated by Ripple price from the $0.87 bottom to $1.7 level after the market crackdown. The price successfully traded above the resistance level to begin the bullish move. Also, the price was somehow holding the first support level for a long time. According to Fibonacci retracement charts, the ripple price is trading below 38% Fibo. retr. Level and holding the price to move further below towards 23% fibo. retr. Level, i.e., $1.40.
On the downside, if the ripple price breaks 23% fibo. retr. Level with low volume than the price may dip to $ 1.2, and a bearish trend might start again.
On the Upside, if the ripple price breaks 38% Fibo retr. Level than a new support and resistance level will be formed, leading the price to trade above the US $1.8 – 2.0. I suggest, buying on dips is a massive opportunity for long-term investors. Overall, I am highly bullish on Ripple as according to the Elliot wave analysis, the formation of next impulse wave has started. Thus, the ripple price may stay overall bullish for the entire week.
- The Average true range value for the last 14 days signify the XRPUSD is Highly Volatile.
- The Williams Percent Range momentum indicator measures the Selling signal.
- RSI(14) value is above 50%, signals BUY.
- The Bull/Bear Power(13) suggests BUY.
XRPUSD Daily Pivot Points
Ripple price has significant support level near $1.40 and resistance near $1.65
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